NEW YORK (Standard&Poor's) May 1, 2006--Standard&Poor's Ratings Services said today that it raised its long-term counterparty credit rating on CB Richard Ellis Services Inc. (CB Richard Ellis), to 'BB+' from 'BB-'. The outlook is stable. "This action was taken in response the company's debt reduction plans and a continued strong operating environment, which together have improved interest coverage," said Standard&Poor's credit analyst Robert B. Hoban, Jr. The ratings on CB Richard Ellis continue to reflect the company's results being dependent on cyclical sales and leasing transaction volume, improved interest coverage ratios, and reduced debt level. Acquisition-related debt and goodwill had left the company with a considerable debt burden and negative tangible equity; however, management
