S&P changes CBRE outlook to stable

S&P said it changed its outlook for CBRE Group Inc. to stable from positive and affirmed the BBB+ issuer rating and the BBB+ ratings on its senior unsecured notes sold through CBRE Services Inc.

“A rapid rise in interest rates has led to an industrywide decline in commercial real estate (CRE) transactional activities, including capital markets and advisory leasing. This has resulted in weaker-than-expected credit metrics for CBRE Group Inc. (CBRE).

“We now expect leverage, measured as net debt to EBITDA, to increase above 1.5x on a sustained basis, higher than our original expectation,” S&P said in a press release.

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