On Nov. 13, 2006, Standard&Poor's Ratings Services affirmed its ratings on CB Richard Ellis Services Inc. (CBRE), including its 'BB+' long-term counterparty credit rating, and removed them from CreditWatch Negative where they were placed Oct. 31, 2006. The outlook is stable. We took this rating action after meeting with management to review the details of its announced acquisition of Trammel Crow Co. We believe that Trammel is a good strategic fit for CB Richard Ellis, and while the financing of the acquisition with debt will greatly increase debt leverage and reduce interest coverage, these measures will remain within acceptable parameters for the rating. We are satisfied that the credit and market risk being acquired with Trammel's commercial real
