Standard&Poor's Ratings Services affirmed its 'BBB-' long-term rating on Impact CIL Parent LLC, Calif.'s subordinated passthrough notes series 2003-1. The outlook is stable. The rating reflects our opinion of the following strengths of the transaction: Strong average debt service coverage of 1.49x for the issuer's permanent loan portfolio, with 13 permanent loans consisting of 864 units of affordable housing; Cash balance of approximately $37.2 million available for additional loan purchases; and Strong loan servicer in Pacific Life. These strengths are offset by our opinion of: Three permanent loans on the servicer's watchlist, including one loan in special servicing, representing 45% of the issuer's permanent loan portfolio by balance outstanding. The stable outlook reflects our view of the issuer's
