Transaction Update: Iowa Finance Authority - Series 2006 Apr 11
Standard & Poors, April 2011
Abstract
On April 18, 2011, Standard & Poor's Ratings Services affirmed its 'AAA/A-1+' rating on Iowa Finance Authority's variable-rate demand solid waste disposal revenue bonds series 2006 (for the Ag Real Estate One L.P. project) due Oct. 1, 2031, following the replacement of the irrevocable direct-pay fronting letter of credit (FLOC) that Rabobank (not rated) had provided with a new FLOC from Farm Credit Services FLCA (not rated) and the re-issue of the confirming LOC (CLOC) from Coöperatieve Centrale Raffeisen-Boerenleenbank B.A. (Rabobank Nederland) ('AAA/A-1+'), collectively, the LOC providers. The 'AAA/A-1+' rating reflects the higher of our ratings on Farm Credit Services FLCA and Rabobank Nederland. Under their respective LOCs, each bank fully supports repayment when the bonds are in the variable...
Companies mentioned in this report are:
- Iowa Fin Auth
- Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Iowa Fin Auth
- Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)
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