On Nov. 26, 2008, Standard&Poor's Ratings Services revised its outlook on CB Richard Ellis Services Inc. (CBRE; BB+) to negative from stable. We took this action to reflect modest weakening in CBRE's financial profile and our concern about potential further deterioration as the result of the mounting cyclical downturn in global commercial real estate (CRE) markets. Our rating on CBRE continues to reflect the company's position as the world's largest CRE services company; its historically aggressive financial management, highlighted by weakening debt service coverage and negative tangible equity; and the sensitivity of its financial performance and debt service to the volume of highly cyclical CRE sales and leasing transactions. CBRE is the main operating subsidiary of CB Richard
