Capital Automotive LLC (CARS) has a well-occupied portfolio with minimal near-term lease rollover; The company's tenant base is dominated by better-positioned multisite and multifranchised auto dealer groups; and CARS recently completed an opportunistic loan amendment and extension transaction, which addressed our near-term refinancing concerns. The properties are single-tenant and special-purpose in nature; We expect auto sales to remain weak, which could pressure tenant rent coverage; and The company remains highly leveraged, resulting in low debt service coverage. The recent affirmations of our ratings on Capital Automotive LLC (CARS) acknowledged the benefits of a completed loan amendment and extension, which helped alleviate our previous concerns regarding CARS' refinancing and covenant pressures. Prior to the loan extension, the revolver was scheduled to
