CBRE has reduced its leverage, reported improving operating results, and adopted a more conservative approach to financial management. We are raising our issuer credit rating on CBRE to 'BB+' from 'BB'. We are revising our recovery ratings on the company's senior secured debt issues to '2' from '4' and raising the ratings on those issues to 'BBB-' from 'BB'. We are also revising our recovery ratings on the company's unsecured debt issues to '5' from '6' and raising the ratings on those issues to 'BB' from 'B+'. The outlook is positive, reflecting our expectation that the company will grow its low-risk global corporate services unit and further reduce its leverage. NEW YORK (Standard&Poor's) June 18, 2014--Standard&Poor's
