On May 25, 2005, Standard&Poor's Ratings Services raised its ratings on CB Richard Ellis Services Inc. (CB Richard Ellis), including raising the long-term counterparty credit rating to 'BB-' from 'B+'. The ratings on CB Richard Ellis reflect the company's aggressive capitalization and revenue levels being dependent on cyclical sales and leasing transaction volume. Even after the debt reductions during the past year, acquisition-related debt and goodwill has left the company with a considerable debt burden and negative tangible equity. As the company has paid down about one-quarter of its debt and experienced healthier operating conditions, its interest coverage ratios have improved to a healthy level. CB Richard Ellis is the operating subsidiary of CB Richard Ellis Group Inc.,
