Bangkok--5 Apr--CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG) announced that Moody’s Investor Services has issued a double-ratings upgrade on the Company’s senior debt and senior subordinated debt to Ba1 and Ba2, respectively. Moody’s also said its rating outlook for CB Richard Ellis is stable.
This is the third time in the past two years that Moody’s has upgraded its ratings for CB Richard Ellis. Moody’s cited the Company’s “continued improvement in operating performance, reduction in leverage and strengthening global franchise” as reasons for the upgrade. “CB Richard Ellis has deepened its leadership in commercial property sales and brokerage, and has used its strengthening earnings to reduce its debt,” Moody’s said.
“Debt reduction has been an integral part of our corporate strategy for the past three years, and the latest Moody’s upgrade reflects the continuing success of that strategy,” said Brett White, President and Chief Executive Officer of CB Richard Ellis.
About CB Richard Ellis
CB Richard Ellis (NYSE:CBG), a FORTUNE 1000 company headquartered in Los Angeles, is the world's leading commercial real estate services firm (in terms of 2004 revenue). The company serves real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. Including partners and affiliates, the company has over 300 offices in more than 50 countries around the world.
CB Richard Ellis established an office in Bangkok in 1988 and in Phuket in 2004. CB Richard Ellis (Thailand) Co., Ltd. has grown to be a leading real estate services provider, offering a full range of services including sales and leasing for all types of property, property and facilities management, valuation and advisory, and research and consulting. For more information, visit the company's website at www.cbre.co.th .
* Includes partner offices
For further information:
Mr. Steve Iaco
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Ms. Ngamjai Jearrajarat
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