CB Richard Ellis Group entered into an agreement to acquire most of the real estate asset management business of ING Group N.V. for approximately $940 million in cash. We are affirming our ratings on CBRE, including our 'BB' long-term counterparty credit rating. We are assigning an issue-level rating of 'BB' and a recovery rating of '4' to CBRE's planned $800 million in credit facility borrowings, which will partially finance the acquisition. The stable outlook reflects CBRE's market-leading franchise and our expectation that gradually improving economic conditions will continue to benefit its financial performance. On Feb. 17, 2011, Standard&Poor's Ratings Services affirmed its ratings on CB Richard Ellis Services Inc. (CBRE), including its 'BB' long-term counterparty credit rating. The
