Planned Parenthood of Greater Iowa and Planned Parenthood of Nebraska/Council Bluffs announced they would form a collaboration as a result of the Iowa affiliate entering into a management contract with the Nebraska organization. Greater Iowa CEO Jill June will serve as the interim CEO while the two affiliates study a permanent long-term collaboration. Nebraska CEO Chris Funk resigned, citing the desire to pursue other professional avenues. Funk’s resignation takes effect Thursday.

The Standard & Poor’s ratings service lowered its corporate credit rating on General Growth Properties Inc., the owner of Jordan Creek Town Center, to below junk status yesterday, citing the debt-laden mall operator’s default on some of its credit agreements, the Associated Press reported. S&P lowered General Growth’s corporate credit rating to “D,” or default, from “CC-.”

An index of architectural billings rose two points in February following a historic low in January, the American Institute of Architects (AIA) reported today. The index, which measures the number of billings received by firms across the country, stood at 35.3 last month. With a score of 50 representing an actual increase in billings, the February number indicates an overall lack of demand for design services, the AIA said in a news release. Construction spending typically lags architectural billings by nine months to a year, the AIA said. Scores by region were 36.4 in the West, 35.5 in the South, 35 in the Midwest and 32.3 in the East. The new projects inquiry score was 49.5.

VeraSun Energy Corp. today announced that Valero Renewable Fuels is the successful bidder for assets contained in the VSE Group, in addition to ethanol production facilities in Albert City, Iowa, and Albion, Neb. The VSE Group consists of production facilities in Aurora, S.D.; Charles City, Fort Dodge and Hartley, Iowa, and Welcome, Minn., and a development site in Reynolds, Ind. Valero will purchase the VSE Group facilities for a base price of $350 million, and will pay $72 million for the facility in Albert City and $55 million for the plant in Albion.

Bank of America Corp. Chairman and CEO Kenneth Lewis said the bank could repay the $45 billion in government capital it has received by late 2009 or early 2010, depending on the economy, the Charlotte Observer reported. Lewis also expects the Charlotte, N.C.-based lender to be profitable in 2009 absent an “unexpected meltdown.” Bank of America received a $20 billion infusion from the Troubled Asset Relief Program, on top of $25 billion it received earlier.