S&P Global Ratings affirmed its 'A-' long-term rating on Impact CIL Parent LLC (IMPACT CILP), Calif.'s revolving notes, series 2003-1. The outlook is stable. The series 2003-1 notes are backed by a pool of multifamily affordable housing loans as well various series of certificates evidencing participation in, or securitization of, affordable multifamily loans. 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. Total collateral pledged to repayment on the notes, as of
