On March 6, 2009, Standard&Poor's Ratings Services placed its ratings on Capital Automotive LLC and Capital Automotive L.P. (collectively CARS), including its 'BB' corporate credit and senior secured ratings and its '3' recovery rating, on CreditWatch with negative implications (see list). The actions affect a $250 million revolving secured credit facility ($83 million outstanding at Sept. 30, 2008) and a $1.95 billion secured term loan facility ($1.8 billion outstanding). The CreditWatch placements anticipate the significant pressure that CARS' auto dealer tenant base will continue to face this year. We believe that the decline in sales of new light vehicles in 2009 will be pronounced and that consumers will continue to curtail discretionary vehicle maintenance expenditures, which have historically
