Privately held McLean, Va.-based Capital Automotive LLC (CARS) has announced a proposed $325 million second-lien term loan, the proceeds of which it plans to use to reduce the amount of its first-lien term loan, which would boost recovery prospects for the existing loan. We are assigning a 'B-' issue-level rating ('6' recovery rating) to the second-lien term loan. The unchanged 'B+' ratings (with '3' recovery ratings) on CARS' first-lien loan and its revolving credit facility remain on CreditWatch positive. We are affirming our 'B+' corporate credit rating on the company, and maintaining the stable outlook, since we anticipate that CARS will continue to have a highly leveraged financial risk profile. On April 17, 2013, Standard&Poor's Ratings Services assigned
