On May 1, 2006, Standard&Poor's Ratings Services raised its long-term counterparty credit rating on CB Richard Ellis Services Inc. (CB Richard Ellis), to 'BB+' from 'BB-'. This action was taken in response the company's debt reduction plans and a continued strong operating environment, which together have improved interest coverage. The outlook is stable. The ratings on CB Richard Ellis continue to reflect the company's results being dependent on cyclical sales and leasing transaction volume, improved interest coverage ratios, and reduced debt level. Acquisition-related debt and goodwill had left the company with a considerable debt burden and negative tangible equity; however, management has been paying down debt aggressively and the debt burden is less of a ratings factor with
