CBRE Group, Inc. today announced that Standard & Poor s Rating Services (S&P) has raised its rating on CBRE s debt. CBRE s Secured Debt has been upgraded to Investment Grade, BBB- (from BB).
CBRE s enterprise rating has been lifted to BB+ (from BB) with a positive outlook. CBRE s Unsecured Debt rating was also increased to BB (from B+). S&P cited more conservative financial management and an increase in contractual revenue as reasons for the upgrade.
The S&P upgrade reflects the success of our strategy, said Bob Sulentic, president and chief executive officer of CBRE Group, Inc. We have diversified our revenue base and are supporting our growth with prudent investments in our people, operating platform and acquisitions that enhance our capabilities and client service, while thoughtfully managing our balance sheet.
The S&P upgrade follows shortly after Moody s Investors Service affirmed CBRE s Ba1 debt rating and revised its rating outlook for CBRE to positive from stable. Moody s attributed its more positive outlook to increased revenue diversity and more conservative financial management.
About CBRE Group, Inc.CBRE Group, Inc. a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.