Standard&Poor's Ratings Services affirmed its 'BBB-' rating on Impact CIL Parent LLC, Calif.'s subordinated passthrough notes, series 2003-1. The rating remains on CreditWatch with developing implications. 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. The rating remains on CreditWatch with developing implications, pending our updated analysis of the underlying collateral and transaction documents for the revolving member loan. 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 housing
