On Jan. 2, 2007, Standard&Poor's Ratings Services affirmed its 'BB+' corporate credit and 'BB+' senior secured ratings on Capital Automotive LLC and Capital Automotive L.P. (collectively CARS). CARS' $2.2 billion secured credit facility has a recovery rating of '3', which was also affirmed. The outlook remains stable (see list). The ratings on CARS reflect the aggressive financial profile of this private entity, offset by the stable nature of the company's good quality portfolio of auto dealership properties located in growth markets. The ratings are also supported by the continuity of management and business strategy following the company's acquisition by Flag Fund V LLC, a limited liability company advised by DRA Advisors LLC in a go-private transaction that closed
