Industry-leading franchise Geographic diversity Revenue highly dependent on cyclical transaction volume The ratings on CB Richard Ellis continue to reflect the company's financial performance being dependent on cyclical sales and leasing transaction volume, improved interest coverage ratios, and reduced debt levels. Management efforts and continued plans to pay down its considerable acquisition-related debt burden and improve negative tangible equity have reduced the negative effect of these factors on the rating. CB Richard Ellis is the operating subsidiary of CB Richard Ellis Group Inc., a publicly traded company. The company is based in Los Angeles, Calif., and is a recognized leader in the commercial real estate sales and services industry, with 2005 revenue of approximately $2.9 billion. The company is the
