On Oct. 23, 2008, Standard&Poor's Ratings Services revised its outlook on Capital Automotive LLC and Capital Automotive L.P. (collectively, CARS) to negative from stable. At the same time, we affirmed our 'BB+' corporate credit and senior secured debt ratings and '3' recovery rating on CARS' $2.1 billion secured credit facility (see list). The outlook revision reflects our expectation for a protracted economic downturn and a tight credit market that will continue to weigh on demand for cars and trucks. Auto sales have been on a steady decline, and we expect difficulties with obtaining financing along with consumer concerns about the weak economy to continue to pressure tenant operating performance. Although CARS' tenant-level rent coverage is healthy, it has
