On Jan. 26, 2012, Standard&Poor's Ratings Services lowered its rating on Iowa Finance Authority's (the issuer's) variable-rate demand multifamily housing revenue bonds series 2007A (for the Windsor on the River LLC project) due May 1, 2042, to 'A/A-1' from 'AA-/A-1+' following the replacement of the irrevocable direct-pay letter of credit (LOC) that Wells Fargo Bank N.A. ('AA-/A-1+') had provided with a new LOC from PNC Bank N.A. ('A/A-1'). The 'A/A-1' rating reflects our opinion of the credit and liquidity support that PNC Bank N.A. provides in the form of an irrevocable direct-pay LOC. Under the LOC, PNC Bank N.A. fully supports all bond payment obligations when the bonds are in the weekly interest rate reset mode. Therefore, our
