Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Iowa Finance Authority's nearly $182.3 million series 2011 state revolving fund (SRF) revenue bonds. At the same time, Standard&Poor's affirmed its 'AAA' long-term rating on the authority's outstanding revolving fund bonds. The outlook on all ratings is stable. The rating reflects our view of the authority's: Large and diverse loan portfolio; Sufficient reserve levels to meet Standard&Poor's state-revolving fund 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. Debt service is secured by the trust estate, which consists primarily of pledged loan revenues, reserve funds,
