...August 3, 2023 - A rapid rise in interest rates has led to an industrywide decline in commercial real estate (CRE) transactional activities, including capital markets and advisory leasing. This has resulted in weaker-than-expected credit metrics for CBRE Group Inc. (CBRE). - We now expect leverage, measured as net debt to EBITDA, to increase above 1.5x on a sustained basis, higher than our original expectation. - We therefore revised our outlook to stable from positive and affirmed our '###+' issuer credit rating. - The stable outlook reflects our expectation that CBRE will maintain leverage of 1.5x-2x as it sustains its leading market position in CRE services and continues expanding its project, property, and facilities management businesses. NEW YORK (S&P Global Ratings) Aug. 3, 2023--S&P Global Ratings today took the rating actions listed above. We expect that CBRE's operating performance and credit measures will be weaker than we had previously expected because of subdued capital markets...
