S&P Global Ratings affirmed its ratings on Jones Lang LaSalle Inc. and changed the ratings outlook to negative from stable.
Specifically, the rating agency affirmed JLL's issuer credit ratings at BBB+/A-2 and the issue rating on the company's 4.4% senior unsecured notes due November 2022 at BBB+.
S&P said the negative outlook takes into account its expectation of JLL's leverage rising above 2.0x upon the completion of its recently announced acquisition of real estate capital markets adviser HFF Inc. and the potential integration risk tied to the acquisition.
The ratings outlook also factors in JLL's favorable market position in commercial real estate services, its plans to reduce leverage below 2.0x and its continued efforts to integrate its acquisitions.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.