S&P affirms Capital Automotive

Standard & Poor's said it affirmed its BB+ corporate credit and senior secured ratings on Capital Automotive LLC and Capital Automotive LP (collectively CARS).

Additionally, the agency said it affirmed the 3 recovery rating on CARS' $2.1 billion secured credit facility.

The outlook remains stable.

S&P noted that the ratings on CARS reflect a highly leveraged capital structure, weak debt coverage measures and a concentrated tenant base while these weaknesses are mitigated by the good stability of the company's portfolio of auto dealership properties located in growth markets.

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