S&P upgrades GEO Group credit rating |
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Published
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Wed, 28 Mar 2007 21:38
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NEW YORK (AP) - Standard & Poor's rating service raised a credit rating on GEO Group Wednesday after the corrections facility operator said it used proceeds from a recent stock offering to pay down its debt.The Boca Raton, Fla.-based company said Monday it used $200 million in proceeds to repay debt on its senior secured credit facility. S&P upgraded the GEO's senior unsecured shelf debt rating to 'B+' from 'B,' saying that decreasing loan debt was a major priority for the company.The credit rating service reiterated a 'BB-' corporate credit rating and a 'BB' bank loan rating for the GEO, saying the ratings reflect the company's 'narrow business focus' which is offset by its strong market position.Shares of GEO Group Inc. fell a penny to close at $44.39 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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| Stock
Quotes * |
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NASDAQ
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1398.07 |
-137.50 (
-8.95 %)
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| SYMBOL (
2007-09-26 ) |
| LAST |
CHANGE
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HANSON
(
12:41pm )
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1099.00 |
+3.00 (
0.27 %)
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AMVESCAP
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11:35am )
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607.50 |
+2.50 (
0.41 %)
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| SYMBOL (
2008-12-01 )
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| LAST |
CHANGE
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INTEL CP
(
4:00pm ) |
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12.56 |
-1.24 (
-9.16 %)
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| SYMBOL (
2007-09-04 )
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CHANGE
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