Industry-leading franchise Global geographic diversity Historically aggressive financial management Profitability dependent on cyclical CRE sales and leasing transaction volume Negative tangible equity Standard&Poor's Ratings Services' rating on CBRE Services Inc. (CBRE) reflects the company's position as the world's largest commercial real estate (CRE) services company, its historically aggressive financial management, and its dependence on cyclical CRE sales and leasing transaction volume for profits. CBRE is the main operating subsidiary of CBRE Group Inc., which is a recognized leader in the CRE sales and services industry and has the top position in most of its markets. CBRE has historically been aggressive in its financial management, especially considering the cyclicality of its business. CBRE has a long history of debt-financed
