Our 'B+' rating on Capital Automotive LLC and its subsidiary, Capital Automotive L.P. (together, "CARS") is derived from: Our anchor of 'bb-', based on our assessment of a "fair" business risk profile and an "aggressive" financial risk profile for the company. Our 'B+' rating on CARS is one notch lower than the anchor due to our "negative" comparable ratings assessment. Narrowly focused on auto dealership properties. Exposed to auto industry cyclicality. Fair degree of diversity in terms of manufacturers, brands, auto dealer tenants, and geography. Long average remaining lease term. Auto dealer tenants are currently well-performing, and we expect market conditions to remain favorable over the next few years. Aggressive debt leverage. Significant de-leveraging over the next few years is
