NEW YORK (Standard&Poor's) Dec. 10, 2007--Standard&Poor's Ratings Services today affirmed its 'BB+' corporate credit and senior secured ratings on Capital Automotive LLC and Capital Automotive L.P. (collectively CARS). Additionally, we affirmed the recovery rating of '3' on CARS' $2.1 billion secured credit facility. The outlook remains stable. "The ratings on CARS reflect a highly leveraged capital structure, weak debt coverage measures, and a concentrated tenant base," said credit analyst George Skoufis. "These weaknesses are mitigated by the good stability of its portfolio of auto dealership properties located in growth markets." Mr. Skoufis added that the ratings are also supported by the continuity of management and strategy following the company's acquisition by Flag Fund V LLC, a
