NEW YORK (Standard&Poor's) Dec. 22, 2005--Standard&Poor's Ratings Services today lowered its corporate credit ratings on Capital Automotive REIT and Capital Automotive L.P. (collectively CARS) to 'BB+' from 'BBB-'. At the same time, the ratings are removed from CreditWatch negative, where they were placed Sept. 7, 2005, after the announcement that CARS had entered into a definitive agreement to be acquired. Also, the rating on the company's $163.75 million of rated preferred securities is lowered to 'B+' from 'BB+'. Concurrently, the 'BB+' rating assigned to the company's new $2.2 billion secured credit facility, which has a recovery rating of '3', is affirmed. Lastly, ratings are withdrawn on the company's $125 million 6.75% monthly income notes (97% redeemed)
