For the rolling twelve months ended March 31, 2022, CBRE's net debt-to-EBITDA was 0.8x. CBRE Group Inc. continues to be the global market leader in commercial real estate services with EBITDA greater than its next two largest competitors combined. CBRE Group Inc. surpassed pre-pandemic EBITDA much faster than we anticipated on stronger-than-expected operating performance, lowering leverage despite a decline in earnings, which we view positively. As a result, we revised our outlook on CBRE to positive from stable and affirmed our 'BBB+' issuer credit and unsecured debt ratings. The positive outlook on CBRE reflects our view that the company will maintain its leading market position and exceptional liquidity, and operate with net debt to EBITDA of 1.0x 1.5x over the
