NEW YORK (Standard&Poor's) Sept. 4, 2003--Standard&Poor's Ratings Services assigned its 'BBB-' rating to Impact CIL Parent LLC's $22 million subordinated pass-through notes. The outlook is stable. The rating reflects note holders' 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 is constructed, leased up, and achieves a predetermined minimum debt service coverage. The rating also reflects investments restricted to 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
