Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and a stable outlook, to Iowa Finance Authority's series 2009 state-revolving fund (SRF) revenue bonds. At the same time, Standard&Poor's affirmed its 'AAA' rating on the authority's SRF bonds outstanding. The rating reflects what we consider the authority's: Large and diverse loan portfolio; Sufficient reserve levels to meet Standard&Poor's SRF criteria for 'AAA' rated programs that includes cross-collateralization between clean water and drinking water portfolios; and Very competent management team, with a proven track record of managing the loan portfolio. Loan revenues and specified reserve funds within the trust estate secure the payment of debt service on the bonds. The portion of the series 2009 bonds
