The 'BBB-' rating on Impact CIL Parent LLC subordinated pass-through notes series 2003-1 reflects the following credit factors: Note holders will have a subordinated interest in a pool of to-be-originated mortgages on affordable multifamily projects under construction and lease up. Each mortgage will initially be secured by a standby letter of credit from Bank of America ('AA-/A-1+') until the project being financed is constructed, leased up and achieves a predetermined minimum debt service coverage; Investments will be restricted to Standard&Poor's permitted investments at the 'A' or higher level during the mortgage acquisition period; Pacific Life Insurance Co. will serve as commercial mortgage loan servicer of the portfolio and will make servicing loan advances as long as they are
