Moody’s gives Capital Auto CFR Ba3

Moody's Investors Service said it assigned Capital Automotive LLC (New) a Ba3 corporate family rating following the transfer of ownership from investors advised by DRA Advisors LLC, to Brookfield Property Partners and its institutional partners.

Concurrently, the agency affirmed the Ba2 senior secured credit facility rating and the B1 second-lien term loan rating of Capital Automotive LP, the operating partnership that is owned by Capital Automotive LLC (New).

Brookfield Property Partners and its institutional partners acquired Capital Auto from DRA Advisors' managed funds for $4.3 billion. The transaction included $300 million new ABS debt issuance and a $100 million increase to the second lien credit facility. Unused capacity on the $200 million revolver maturing in 2018, stable operating cash flows and no debt maturities until 2017, are some factors that offset the deterioration in leverage metrics. Capital Auto will continue to guarantee the secured facility and second lien borrowings of the operating company.

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