Impact CIL Parent LLC; Multifamily Whole Loan

S&P Global Ratings affirmed its 'BBB' long-term rating on Impact CIL Parent LLC (CILP), Calif.'s revolving notes series 2003-1 and removed the rating from CreditWatch, where it had been placed with developing implications on Nov. 1, 2017. The outlook is stable. The rating is based on our analysis of the credit quality of the notes, which evidence a loan issued to the borrower, CILP, by a consortium of insurance companies pursuant to a revolving member loan (RML) agreement. In addition, the rating is based on a borrowing of portion of our criteria "U.S. Public Finance Long-Term Municipal Pools: Methodology And Assumptions," published March 19, 2012 on RatingsDirect. We have applied this methodology because the collateral for the RML consists of

...S&P Global Ratings affirmed its '###' long-term rating on Impact CIL Parent LLC (CILP), Calif.'s revolving notes series 2003-1 and removed the rating from CreditWatch, where it had been placed with developing implications on Nov. 1, 2017. The outlook is stable. The rating is based on our analysis of the credit quality of the notes, which evidence a loan issued to the borrower, CILP, by a consortium of insurance companies pursuant to a revolving member loan (RML) agreement. In addition, the rating is based on a borrowing of portion of our criteria "U.S. Public Finance Long-Term Municipal Pools: Methodology And Assumptions," published March 19, 2012 on RatingsDirect. We have applied this methodology because the collateral for the RML consists of approximately 81% permanent multifamily affordable housing loans and approximately 12% multifamily loan pool pass-through certificates issued by an affiliate of the borrower. The rating reflects our opinion of CILP's: + Very strong enterprise risk...

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