S&P Global Ratings extended its CreditWatch Developing status on its 'BBB' rating on Impact CIL Parent LLC, Calif.'s subordinated pass-through notes, series 2003-1, pending our updated analysis based on our application of S&P Global Ratings' 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
