Standard&Poor's Ratings Services affirmed its 'BBB-' rating on Impact CIL Parent LLC, Calif.'s subordinated pass-through notes series 2003-1. The rating reflects our opinion of the following strengths of the transaction: Strong average debt service coverage of 1.49x for the entire loan portfolio; Sufficient reserves to cover potential losses under Standard&Poor's affordable housing multifamily pool model assumptions at the 'BBB-' level; Portfolio of cross-collateralized loans consisting of 14,940 units of affordable housing; One loan covered by an letter of credit (LOC) provided by Bank of America (A+), with an additional 42 loans covered by a put to Bank of America; and Strong loan servicer in Pacific Life. In our view, these strengths are offset by: A higher
