S&P assigns BBB+ to CBRE notes

S&P said it assigned its BBB+ issue-level rating to CBRE Services Inc.'s planned offering of senior unsecured notes due 2034.

“Our issue-level rating on the proposed notes is the same as our issuer credit rating on CBRE (BBB+/positive/--). CBRE Services Inc. is a core subsidiary of CBRE Group Inc.,” S&P said in a statement.

The company intends to use the proceeds for general corporate purposes, including to repay outstanding debt.

“We expect the transaction to be leverage neutral and the company to operate with a net debt to EBITDA of 1x-1.5x, once capital markets normalize while remaining a leader in commercial real estate (CRE) services and not engaging in large-scale acquisitions,” the agency said.

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