Standard&Poor's Ratings Services' rating on CB Richard Ellis Services Inc. (CBRE) reflects the company's position as the world's largest commercial real estate (CRE) services company, its historically aggressive financial management, and its dependence on cyclical CRE sales, and leasing transaction volume to drive profitability. CBRE is the main operating subsidiary of CB Richard Ellis Group Inc., the recognized leader in the CRE sales and services industry, with annual revenue in excess of $4.7 billion (for the 12 months ended Sept. 30, 2010). CBRE has historically been aggressive in its financial management, especially considering the cyclicality of its business. CBRE has a long history of debt-financed acquisitions, which have greatly increased its scale and market share, but also left
