Standard&Poor's Ratings Services assigned its 'AAA' long-term rating and stable outlook to Iowa Finance Authority's series 2010 state revolving fund (SRF) revenue bonds. We also affirmed our 'AAA' long-term rating on the authority's existing revolving fund bonds. The rating reflects our view of the authority's: Large and diverse loan portfolio; Sufficient reserve levels that meet Standard&Poor's SRF criteria for 'AAA' rated programs, which includes cross-collateralization between the clean water and drinking water portfolios; and Very competent management team with a proven track record of managing the loan portfolio. The trust estate, which consists primarily of pledged loan revenues, reserve funds, and interest earnings, secures debt service. Management will use the 2010 bond proceeds to meet the
