General SEO Question

Didn’t know where to post this so I thought I’d have a go here

Do you guys know if commented out code in a HTML page has any effect at all on anything? I’m thinking maybe SEO?

What has happened is I was looking through my companies HTML Source and I’ve discovered some lines of commented out code, advertising a local college. Now because the lines are commented out, the ad doesn’t show on the pages…but I’m wondering if it maybe effects the SEO for the colleges web site.

By the way I didn’t build the site. I’ve only been at the company 2 months and the whole site is run through a CMS. A home built CMS. Looking through the site the source code I’ve dicovered the code is on every page. I don’t have access to the CMS source code so I can’t remove it myself.

What do you guys think, would this effect the colleges SEO or not?