CARS DB-4 L.P. $1,412 Million Notes Series 2017-1 Assigned Ratings

Stocks and Financial Services Press Releases Tuesday April 18, 2017 09:17
NEW YORK--18 Apr--S&P Global Ratings

NEW YORK (S&P Global Ratings) April 17, 2017--S&P Global Ratings today assigned its ratings to CARS-DB4 L.P./CARS-DB5 L.P./CARS-DB6 L.P./CARS-DB7 LLC/CARS-DB8 LLC/CARS-DB10 L.P./CARS-DB11 LLC/CARS CNI-2 L.P.'s (CARS's) $1,412 million net lease mortgage notes series 2017-1. We discontinued our ratings on seven classes from the series 2010-1, 2011-1, 2012-1, and 2014-1.

At the same time, we raised our rating on the series 2014-1 class A notes and affirmed our rating on the 2014-1 class B notes (see list). The note issuance is backed by 163 commercial real estate properties (primarily automobile dealerships), including related rents due under triple-net leases with tenants of the properties.

The ratings reflect: The credit enhancement available in the form of subordination (for the class A-1, A-2, and A-3 notes);Overcollateralization (the aggregate appraised value minus the aggregate series principal balance); The available cushion as measured by the issuer debt service coverage ratio of 1.5:1;CARS Loan Servicer LLC's (the servicer's) property management and special servicing ability;The projected cash flows supporting the notes; andThe transaction's legal and payment structures.

We discontinued our ratings on six classes of notes from series 2010-1, 2011-1, and 2012-1, as well as one from the 2014-1 series because of repayment from the proceeds of the 2017-1 issuance.

We raised our rating on the series 2014-1 A notes and affirmed our rating on the series 2014-1 B notes. The raised and affirmed ratings follow a full review of all of the series issued by CARS-DB4 L.P./CARS-DB5 L.P./CARS-DB6 L.P./CARS-DB7 LLC/CARS-DB8 LLC/CARS-DB10 L.P./CARS-DB11 LLC/CARS CNI-2 L.P.as a result of the issuance of the 2017-1 series.

We will continue to review whether, in our view, the ratings assigned to the notes remain consistent with the credit enhancement available to support them, and we will take rating actions as we deem necessary.

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