Standard&Poor's Ratings Services' ratings on CBRE Services Inc. (CBRE) reflects the company's position as the world's largest commercial real estate (CRE) services firm by revenue and earnings, its strong property management and corporate outsourcing businesses, and its recent leverage reduction. The inherent cyclicality of CBRE's sales and leasing businesses, its reliance on secured term loans, and its mediocre profitability relative to companies with similar ratings are negative rating factors. CBRE is the main subsidiary of CBRE Group Inc., a recognized leader in the CRE sales and services industry with leading positions in many of its markets. The company generates significant revenue from North America, Europe, Asia, and Australia in businesses including corporate outsourcing, property management, sales, leasing, mortgage
