CBRE Services plans to execute a series of debt transactions that should reduce its leverage and interest expense and extend its debt maturities. Specifically, CBRE will issue unsecured notes, a new revolver, and redeem or refinance all of its secured term loans and subordinated debt. We are revising our outlook on our 'BB' issuer credit rating on CBRE to positive from stable. We are also assigning 'BB' issue ratings on the company's new term loan A, term loan B, and $1 billion revolving credit facility and a 'B+' rating to its proposed issuance of $800 million of senior unsecured notes. The positive outlook reflects our view that we could raise our ratings on CBRE and its debt within a year
