S&P Global Ratings has upgraded Cushman & Wakefield plc's issuer credit rating to 'BB' from 'BB-', citing an ongoing recovery in commercial real estate activity and disciplined debt reduction efforts. The rating agency also raised its issue-level ratings on the Chicago-based firm's senior secured debt to 'BB' with a recovery rating of '3'. The rating action reflects expectations that Cushman & Wakefield can maintain adjusted leverage within a 3x to 4x range, even through cyclically weaker market conditions. Stronger operational execution and lower debt levels reduced adjusted leverage to 3.5x at year-end 2025, down from 4.5x a year earlier, with further improvement to 3x to 3.5x projected through 2027. S&P expects adjusted revenue to expand 6% to 7% annually through 2027, backed by a healthy leasing pipeline and high-margin service contracts, and warned that a rating downside could emerge if leverage exceeds 4x, whereas an upgrade would require leverage falling below 3x alongside sustained margin expansion above 10%.
Cushman & Wakefield plcS&P upgraded Cushman & Wakefield's issuer credit rating to 'BB' from 'BB-' on leverage reduction and expected revenue growth.
S&P Global Inc
