S&P Global Ratings placed its 'BBB' rating on Impact CIL Parent LLC, Calif.'s series 2003-1 subordinated pass-through notes on CreditWatch with developing implications pending our updated analysis based on S&P Global Rating's U.S. Public Finance long-term municipal pools criteria. This methodology uses a public finance enterprise framework to assess both enterprise and financial risk, consistent with other types of municipal enterprises. The rating is currently 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 collateral for the revolving member loan currently consists of a pool of permanent multifamily affordable housing
