Summary: Impact CIL Parent LLC, California; Multifamily Whole Loan

S&P Global Ratings raised its long-term rating to 'A-' from 'BBB' on IMPACT CIL Parent LLC (IMPACT CILP), Calif.'s revolving notes series 2003-1. The outlook is stable. The rating is based on our analysis of the credit quality of the notes, which evidence a loan issued to the borrower, IMPACT CILP, by a consortium of insurance companies pursuant to a revolving member loan (RML) agreement. IMPACT CILP uses proceeds from the RML to finance the purchase of permanent loans for affordable multifamily housing properties. In addition, the rating is based on a borrowing of a portion of our criteria "U.S. Public Finance Long-Term Municipal Pools: Methodology And Assumptions," published March 19, 2012, on RatingsDirect. We have applied this methodology because

...S&P Global Ratings raised its long-term rating to 'A-' from '###' on IMPACT CIL Parent LLC (IMPACT CILP), Calif.'s revolving notes series 2003-1. The outlook is stable. The rating is based on our analysis of the credit quality of the notes, which evidence a loan issued to the borrower, IMPACT CILP, by a consortium of insurance companies pursuant to a revolving member loan (RML) agreement. IMPACT CILP uses proceeds from the RML to finance the purchase of permanent loans for affordable multifamily housing properties. In addition, the rating is based on a borrowing of a portion of our criteria "U.S. Public Finance Long-Term Municipal Pools: Methodology And Assumptions," published March 19, 2012, on RatingsDirect. We have applied this methodology because the collateral for the RML consists of a pool of permanent multifamily affordable housing loans, certificates issued by an affiliate of the borrower (IMPACT Funding LLC's affordable multifamily housing mortgage loan pass-through certificates,...

Summary