NEW YORK (Standard&Poor's) Jan. 5, 2015--Standard&Poor's Ratings Services removed from CreditWatch with developing implications and affirmed its 'BBB-' rating on Impact CIL Parent LLC, Calif.'s subordinated pass-through notes, series 2003-1. The outlook is developing. "The rating action 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 pursuant to a revolving member loan agreement," said Standard&Poor's credit analyst Karen Fitzgerald The developing outlook reflects our pending receipt from the borrower of cash flows for the revolving member loan (RML). Based on our review of the cash flows, we will assign the appropriate rating to
