NEW YORK (Standard&Poor's) May 25, 2005--Standard&Poor's Ratings Services said today that it raised its ratings on CB Richard Ellis Services Inc. (CB Richard Ellis), including raising the long-term counterparty credit rating to 'BB-' from 'B+'. This action was in response to the company paying down about one-quarter of its debt during the past year, which, coupled with healthier operating conditions, has improved interest coverage ratios to a healthy level. Even after the debt reductions, acquisition-related debt and goodwill has left the company with a considerable debt burden and negative tangible equity. "While the debt reductions and improved operating margins have improved interest coverage to a healthy level, the ratings continue to reflect the company's aggressive capitalization
