...Standard & Poor's Ratings Services removed from CreditWatch with developing implications and affirmed its '###-' rating on Impact CIL Parent LLC, Calif.'s subordinated pass-through notes, series 2003-1. The outlook is developing. 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 pursuant to a revolving member loan (RML) agreement. Proceeds from the RML are used by the borrower to finance the purchase of permanent loans for affordable multifamily housing properties. The collateral for the RML consists of a pool of permanent multifamily affordable housing loans, plus a portion of certificates issued by an affiliate of the borrower (Impact Funding LLC affordable multifamily housing mortgage loan pass-through certificates, series 2010-1 and series 2014-1), as well as cash. Payment of principal and interest on the underlying loans are passed through to the noteholders...
