Standard&Poor's Ratings Services' rating on CBRE Services Inc. (CBRE) reflects the company's position as the world's largest commercial real estate (CRE) services firm by revenue and its well-staggered debt maturities. Its historically aggressive financial management, negative tangible equity, and its dependence on cyclical CRE sales and leasing transaction volume for profits are negative rating factors. CBRE is the main operating subsidiary of CBRE Group Inc., a recognized leader in the CRE sales and services industry with top positions in many of its markets. We believe the company's global reach and its role as a consolidator have enabled it to benefit from the trend of large businesses outsourcing their CRE management. CBRE has no material recourse debt due until
