Fitch rates Newmark BBB-

Fitch Ratings said it assigned a first-time issuer default rating of BBB- to Newmark Group, Inc.

The outlook is stable.

The rating and outlook reflects Newmark's market position in the U.S. commercial real estate market, track record of successfully acquiring smaller brokerages during the current CRE cycle, Fitch said, and a leverage profile that is appropriate compared with other U.S. corporate issuers.

The agency said it views Newmark's relatively smaller scale and lack of global operations as a limit to the rating, although the company may choose to expand its geographic reach and scale.

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