NEW YORK (Standard&Poor's) Aug. 1, 2013--Standard&Poor's Ratings Services affirmed and placed its 'BBB-' rating on CreditWatch with developing implications on Impact CIL Parent LLC, Calif.'s subordinated passthrough notes, series 2003-1 ("revolving member loan"). "The rating has been placed on CreditWatch with developing implications pending an updated analysis of the underlying collateral for the revolving member loan," said Standard&Poor's credit analyst Karen Fitzgerald. The rating is based on our view of the credit quality of the notes, which evidence a loan issued to the borrower, Impact CIL Parent LLC, by a consortia of insurance companies ("member lenders") pursuant to a revolving member loan agreement. Proceeds from the revolving member loan were initially used by the
