Membership in CMIG allows brokers to strategically align with the nation's top office investment professionals regardless of their association with a particular firm," added David Tilton, another CMIG member and senior managing director of Fredrick Ross Company in Denver.
CMIG was founded on the premise that the collective wisdom, expertise, experience and unique strengths of its members can be combined and shared in order to most effectively meet the needs of today's commercial real estate investors.
The outlook revision reflects the negative pressures that CMIG is facing as a result of its ownership by HBOS PLC (AA-/Negative/A-1+; see related media release entitled "HBOS PLC and Related Entities Outlook Revised to Negative; Ratings Affirmed", published on Jan.
The ratings on CMIG reflect its core status within the HBOS group (HBOS), which provides financial and operational support to CMIG," said Standard & Poor's credit analyst Carolyn Rajaratnam.
On a stand-alone basis, CMIG has a very strong business position and strong operating performance.
CMIG is a core subsidiary of the HBOS group, complementing the HBOS goal of becoming the leading provider of personal financial services in the U.
CMIG has a very strong business profile, with an established market franchise in the U.
The ratings on CMIG reflect the company's strategic importance to its owner, Halifax Group PLC (Halifax; AA-/Watch Neg/A-1+), its very strong business position, strong operating performance, and strong capitalization.
CMIG has felt relatively little impact from industry issues that have damaged capital levels such as pensions mis-selling, guaranteed annuity options, prospectively endowment mis-selling, and new reserving standards.
The ratings on CMIG
reflect the company's strategic importance to Halifax PLC (AA/Stable/A-1+), its very strong business position, strong operating performance, and excellent capitalization.
The proceeds of the issue will be used to fund the rapid new business growth of CMIG and its subsidiaries.
Standard & Poor's considers CMIG strategically important to