CBRE has a market-leading franchise in commercial real-estate (CRE) services. We are changing our outlook on CBRE to stable from negative and affirming the ratings. We expect CBRE's financial performance to benefit from improving economic conditions and its proposed refinancing transaction. On Oct. 5, 2010, Standard&Poor's Ratings Services affirmed its 'BB' long-term counterparty credit rating on CB Richard Ellis Services Inc. (CBRE) and changed its outlook to stable from negative. At the same time, we assigned a 'BB' debt rating and a recovery rating of '3'to CBRE's announced $1.35 billion credit facility. The recovery rating reflects our expectation that lenders would realize a meaningful (50%-70%) recovery of principal in the event of a payment default. We also assigned
