NEW YORK (Standard&Poor's) March 10, 2009--Standard&Poor's Ratings Services said today that it lowered its ratings on CB Richard Ellis Services Inc. (CBRE), including the long-term counterparty and senior secured credit ratings, to 'BB' from 'BB+'. We also assigned a recovery rating of '3' to CBRE's senior secured obligations, reflecting our expectation that lenders would realize meaningful (50% to 70%) recovery of principal in the event of a payment default. The outlook is negative. "The downgrade reflects the weakening of CBRE's debt service capacity given the mounting cyclical downturn in the global commercial real estate markets," said Standard&Poor's credit analyst Rian Pressman. Debt service, as measured by EBITDA coverage of interest expense, deteriorated in 2008,
