Standard&Poor's Ratings Services affirmed and placed its 'BBB-' rating on CreditWatch with developing implications on Impact CIL Parent LLC, Calif.'s subordinated passthrough notes, series 2003-1 ("revolving member loan"). The rating has been placed on CreditWatch with developing implications pending an updated analysis of the underlying collateral for the revolving member loan. The rating is based on our view of the credit quality of the notes, which evidence a loan issued to the borrower, Impact CIL Parent LLC, by a consortia of insurance companies ("member lenders") pursuant to a revolving member loan agreement. Proceeds from the revolving member loan were initially used by the borrower to finance a portion of the purchase price of construction loans for affordable multifamily
