TEXT-S&P release on Capital Automotive

Newswire

(The following statement was released by the rating agency) Dec 29 - Standard & Poor's Ratings Services today lowered its corporate credit ratings on Capital Automotive LLC and Capital Automotive L.P. (collectively CARS) to 'BB' from 'BB+'. The outlook remains negative. At the same time, we lowered the senior secured rating to 'BB'. The recovery rating remains '3'. The downgrades reflect the immense pressure CARS' auto dealer tenant base faces due to a significant drop in auto sales. ...

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