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Rating Action:

Moody's assigns Aaa rating to the Iowa Finance Authority Single Family Mortgage Revenue Bonds 2013 Series 1 (Tax-exempt) and 2012 Series 1 (Taxable) (Mortgage-Backed Securities Program)

Global Credit Research - 28 Nov 2012

Outlook is Negative; Approximately $182 million in debt affected

New York, November 28, 2012 --

Moody's Rating

Issue: Single Family Mortgage Revenue Bonds, 2012 Series 1 (Taxable) (MBS - Pass - Through Program); Rating: Aaa; Sale Amount: $18,800,000; Expected Sale Date: 12/03/2012; Rating Description: Mortgage: Single - Family: GNMA/FNMA/FHLMC

Issue: Single Family Mortgage Revenue Bonds, 2013 Series 1 (Non - AMT) (MBS - Pass - Through Program); Rating: Aaa; Sale Amount: $25,000,000; Expected Sale Date: 12/03/2012; Rating Description: Mortgage: Single - Family: GNMA/FNMA/FHLMC

Opinion

Moody's Investors Service has assigned Aaa rating to the Iowa Finance Authority ("IFA") Single Family Mortgage Revenue Bonds, 2013 Series 1 (tax-exempt) and 2012 Series 1 (taxable). In addition, we are affirming the Aaa ratings to all outstanding bonds of the Mortgage Revenue Bond Resolution. The outlook on the ratings is negative.

The 2013 Series 1 and 2012 Series 1 Bonds are issued under the Single Family Mortgage Revenue Bonds Resolution (the "Resolution") adopted November 20, 2009 in connection with the New Issue Bond Program (NIBP), established jointly by Fannie Mae and Freddie Mac (the GSEs), the Federal Housing Finance Agency and the US Treasury.

RATINGS RATIONALE

The Aaa rating on the Bonds reflects the high quality collateral comprised of GNMA and Fannie Mae Mortgage-Backed Securities (MBS), as well as the programs 1.015x program asset-to-debt ratio (as of 9/30/2012). Bond proceeds are used to purchase MBS which represents pools of loans originated under the bond program. The MBS are guaranteed as to full and timely payment of principal and interest by Ginnie Mae or Fannie Mae regardless of the performance of the underlying pool of mortgage loans.

STRENGTHS

- Loan portfolio is comprised of MBS. The MBS guarantor, GNMA and Fannie Mae, guarantees full and timely payment of principal and interest regardless of performance of the underlying mortgages

- Cash flow projections demonstrate sufficient revenues to meet debt service requirements and maintain over-collateralization for the program under all stress scenarios

CHALLENGES

- Ability to continue originating mortgages in the uncertain market as well as to generate investment returns in the ultra low interest rate environment

OUTLOOK

The negative outlook reflects the current rating outlook on the US government.

What could change the rating -- UP

- None

What could change the rating -- DOWN

- Erosion of program asset-to-parity ratio

- Downgrade of US government rating

The principal methodology used in this rating was Strength in Structure: Moody's Approach to Rating Single-Family Housing Bonds Secured by Mortgage-Backed Securities published in October 1998. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings and public information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Ferdinand S Perrault
Asst Vice President - Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

David A. Parsons
Asst Vice President - Analyst
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's assigns Aaa rating to the Iowa Finance Authority Single Family Mortgage Revenue Bonds 2013 Series 1 (Tax-exempt) and 2012 Series 1 (Taxable) (Mortgage-Backed Securities Program)
No Related Data.

 

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