NEW YORK (Standard&Poor's) April 6, 2009--Standard&Poor's Ratings Services today lowered its corporate credit ratings on Capital Automotive LLC and Capital Automotive L.P. (collectively CARS) to 'B' from 'BB'. At the same time, we lowered our rating on CARS' senior secured debt to 'B'. We also removed all of our ratings on CARS from CreditWatch, where they were placed with negative implications on March 6, 2009. The recovery rating remains a '3', indicating our expectation of a meaningful recovery (50%-70%) in the event of a payment default. The outlook on CARS is negative. "The downgrades reflect our deepening concern regarding the immense pressure that CARS' auto dealer tenant base faces due to a significant drop in auto
