S&P Global Ratings raised its rating on Impact CIL Parent LLC, Calif.'s revolving notes series 2003-1 to 'BBB' from 'BBB-'. The outlook is stable. We base the rating on our view of the credit quality of the notes that evidence a loan issued to the borrower, Impact CIL Parent LLC, by a consortium of insurance companies pursuant to a revolving member loan (RML) agreement. The upgrade reflects the following factors: Good debt service coverage (DSC) of the underlying multifamily mortgage loan pool with DSC of 1.44x on a pool of 45 loans in 21 states; High asset quality of collateral in the form of the mortgage loan pool, cash, investments, and AAA as well as AA rated tranches of prior
