Research Update: Capital Automotive Ratings Assigned, Affirmed On Loan Extension; Outlook Remains Negative On Weak Auto Sales - S&P Global Ratings’ Credit Research

Research Update: Capital Automotive Ratings Assigned, Affirmed On Loan Extension; Outlook Remains Negative On Weak Auto Sales

Research Update: Capital Automotive Ratings Assigned, Affirmed On Loan Extension; Outlook Remains Negative On Weak Auto Sales - S&P Global Ratings’ Credit Research
Research Update: Capital Automotive Ratings Assigned, Affirmed On Loan Extension; Outlook Remains Negative On Weak Auto Sales
Published Oct 23, 2009
2287 words — Published Oct 23, 2009
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Capital Automotive LLC recently extended the maturities of its revolving credit facility and term loan by two years to December 2011 and December 2012, respectively. We affirmed our 'B' corporate credit ratings on Capital Automotive LLC and Capital Automotive L.P. (collectively, CARS) and maintain our negative outlook. We also affirmed our 'B' rating on CARS' senior secured debt, reflecting our recovery rating of '3' on this debt, and we assigned our 'B' rating to Capital Automotive L.P.'s new term loan B. The loan extension addresses near-term refinancing concerns; however, our ratings and negative outlook continue to reflect our expectation for the REIT's auto dealer tenants to remain under pressure into 2010 and for CARS' financial profile to remain highly leveraged,

  
Brief Excerpt:

RESEARCH Research Update: Capital Automotive Ratings Assigned, Affirmed On Loan Extension; Outlook Remains Negative On Weak Auto Sales Publication date: 23-Oct-2009 Primary Credit Analyst: Elizabeth Campbell, New York (1) 212-438-2415;...

  
Report Type:

Research Update

Ticker
CARS
Issuer
Capital Automotive LLC
GICS
Specialized REIT's (40402070)
Sector
Global Issuers , Structured Finance
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Capital Automotive Ratings Assigned, Affirmed On Loan Extension; Outlook Remains Negative On Weak Auto Sales" Oct 23, 2009. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Capital-Automotive-Ratings-Assigned-Affirmed-On-Loan-Extension-Outlook-Remains-Negative-On-Weak-Auto-Sales-753339>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Capital Automotive Ratings Assigned, Affirmed On Loan Extension; Outlook Remains Negative On Weak Auto Sales Oct 23, 2009. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Capital-Automotive-Ratings-Assigned-Affirmed-On-Loan-Extension-Outlook-Remains-Negative-On-Weak-Auto-Sales-753339>
  
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