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S&P Cuts Outlook On Jones Lang LaSalle Ratings

The Associated Press

NEW YORK (AP) — Standard & Poor's Ratings Services on Wednesday affirmed its credit ratings on real estate services and money management firm Jones Lang LaSalle Inc. but revised its outlook to stable from positive.

The credit ratings agency has a "BBB-," or investment-grade, corporate credit rating on the company.

The agency said the company's financial profile has "recently weakened" and reflects "fairly elevated debt levels."

S&P said the financing of several acquisitions in 2007 and 2008 with debt and the downturn in global commercial real estate activity has "eroded Jones Lang LaSalle's formerly strong financial profile."

The agency said if the company's profitability erodes, debt increases or interest coverage deteriorates, it could revise its outlook to negative or lower its ratings.

Jones Lang LaSalle shares fell 85 cents, or 2.4 percent, to $34.90 in afternoon trading.