Standard&Poor's Ratings Services published its key credit factors for rating financial services finance companies (FSFC) on Dec. 9, 2014. Under the new criteria, we are placing greater emphasis on CBRE Services' leading market position in the commercial real estate (CRE) services industry, the growth of its outsourcing business, and its improved financial management. As a result, we raised our issuer credit rating on CBRE Services Inc. to 'BBB-' from 'BB+'. We also raised our rating on the company's senior unsecured debt to 'BB+' from 'BB'. The positive outlook reflects our expectation that the company will continue to demonstrate more conservative financial management, maintain leverage of 2x-3x, and continue to grow its outsourcing services business. As previously announced, on
