S&P Global Ratings assigned its 'AAA' long-term rating to the Iowa Finance Authority's (IFA) anticipated $202.95 million series 2024A state revolving fund (SRF) revenue (green) bonds. At the same time, we affirmed our 'AAA' long-term rating on IFA's outstanding revolving fund bonds for both its drinking and clean water programs. The outlook is stable. The series 2024A bonds will reimburse the authority's equity fund for SRF loans previously disbursed, meet the program's state match requirement for 2024 federal capitalization grants 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 2024A bonds, the two programs will have $3
