NEW YORK (Standard&Poor's) Sept. 7, 2005--Standard&Poor's Ratings Services today placed its ratings on Capital Automotive REIT and Capital Automotive L.P. (collectively CARS) on Credit Watch with negative implications (see list). The rating actions affect $300 million of senior unsecured notes and $163.75 million of preferred stock. The rating actions follow the announcement that CARS has entered into a definitive agreement to be acquired by clients advised by DRA Advisors LLC (DRA) for $38.75 per share in cash, or roughly $3.4 billion, including approximately $1.2 billion of assumed debt. The purchase price reflects a 9% premium over CARS' Sept. 2, 2005, closing stock price. Holders of CARS common stock will receive $38.75 per share in cash, while
