Summary: Iowa Finance Authority; State Revolving Funds/Pools

S&P Global Ratings assigned its 'AAA' long-term rating to the Iowa Finance Authority's (IFA) state revolving fund (SRF) revenue bonds, $198.025 million series 2022A and taxable $8.155 million series 2022B, both issued as green bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on IFA's revolving fund bonds outstanding for both its drinking- and clean-water programs. The outlook is stable. The 2022A and 2022B bonds will reimburse the authority's equity fund for SRF loans previously disbursed, meet the program's state match requirement for 2023 federal capitalization grants, refund a portion of the authority's SRF revenue bonds outstanding, and pay the costs of issuance. Debt service is secured by the trust estate, which consists primarily of pledged

...S&P Global Ratings assigned its '###' long-term rating to the Iowa Finance Authority's (IFA) state revolving fund (SRF) revenue bonds, $198.025 million series 2022A and taxable $8.155 million series 2022B, both issued as green bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on IFA's revolving fund bonds outstanding for both its drinking- and clean-water programs. The outlook is stable. The 2022A and 2022B bonds will reimburse the authority's equity fund for SRF loans previously disbursed, meet the program's state match requirement for 2023 federal capitalization grants, refund a portion of the authority's SRF revenue bonds outstanding, and pay the costs of issuance. Debt service is secured by the trust estate, which consists primarily of pledged loan revenues, the equity fund, and interest earnings. Following the issuance of the 2022A and 2022B bonds, the two programs will have $2.585 billion of loans outstanding, to support $1.695 billion in bonds....

Summary