S&P Global Ratings assigned its 'AAA' long-term rating to the Iowa Finance Authority's (IFA) anticipated $151.550 million series 2025A and $14.975 million series 2025B state revolving fund (SRF) revenue (green) bonds. At the same time, we affirmed our 'AAA' long-term rating on IFA's outstanding SRF bonds for both its drinking and clean water programs. The outlook is stable. Program bonds are secured by the trust estate, which consists primarily of cash flows provided by pledged loans, the equity fund and other indenture funds, and interest earnings. Following the issuance of the 2025 bonds, the two programs will have $3 billion of loans outstanding, to support approximately $2 billion in bonds. The series 2025A and 2025B bond proceeds will fund participant
