Industry-leading franchise Global geographic diversity Aggressive financial profile including weak debt service coverage and negative tangible equity Profitability and debt service coverage are highly dependent on cyclical transaction volume Standard&Poor's Ratings Services' rating on CB Richard Ellis Services Inc. (CBRE) reflects the company's position as the world's largest commercial real estate (CRE) services company; its historically aggressive financial management, highlighted by weakening debt service coverage and negative tangible equity; and its financial performance and debt service being sensitive to highly-cyclical CRE sales and leasing transaction volume. CBRE is the main operating subsidiary of CB Richard Ellis Group Inc., the recognized leader in the CRE sales and services industry, with annual revenue in excess of $6 billion. CBRE has
