Summary: Iowa Finance Authority; State Revolving Funds/Pools Nov 11

Standard & Poors, November 2011

Abstract
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,...

Companies mentioned in this report are: Iowa Fin Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Iowa Fin Auth

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