Summary: Impact CIL Parent LLC; Multifamily Whole Loan

S&P Global Ratings affirmed its 'BBB' long-term rating on IMPACT CIL Parent LLC, 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 CIL, by a consortium of insurance companies pursuant to a revolving member loan (RML) agreement. IMPACT 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

...S&P Global Ratings affirmed its '###' long-term rating on IMPACT CIL Parent LLC, 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 CIL, by a consortium of insurance companies pursuant to a revolving member loan (RML) agreement. IMPACT 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, series 2010-1, 2014-1, and 2015-2),...

Summary