Moody's cuts some Capital Automotive ratings

Moody's Investors Service said it affirmed the Ba1 corporate family rating and senior secured debt rating of Capital Automotive REIT. The agency also lowered the senior unsecured debt rating to Ba3 from Baa3 and the preferred stock rating to B1 from Ba1, concluding the review of these securities.

The outlook is now stable.

These rating actions follow the acquisition of Capital Automotive by investors advised by DRA Advisors LLC.

The stable outlook reflects Moody's expectation that the REIT will continue to grow steadily while maintaining stable credit metrics under its new financial structure and its leadership in the auto dealer net-lease sector without any reduction in occupancies or rent coverages.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.