NEW YORK (Standard&Poor's) Dec. 29, 2008--Standard&Poor's Ratings Services today lowered its corporate credit ratings on Capital Automotive LLC and Capital Automotive L.P. (collectively CARS) to 'BB' from 'BB+'. The outlook remains negative. At the same time, we lowered the senior secured rating to 'BB'. The recovery rating remains '3'. The downgrades reflect the immense pressure CARS' auto dealer tenant base faces due to a significant drop in auto sales. "We expect low consumer demand to continue in 2009 because of hurdles such as uneasy consumers, macroeconomic weaknesses, and shortages of consumer financing. If owners pull back servicing their vehicles, dealer profits will come under greater pressure than they are currently experiencing," said George Skoufis, a credit
