Moody's ups Corrections Corp. view to positive

Moody's Investors Service said it affirmed its B1 senior unsecured and Ba3 senior secured ratings of Corrections Corp. of America and changed the outlook to positive from stable.

According to Moody's, the positive credit outlook is based on the significant improvement that Corrections Corp. has made in reducing overall leverage as well as secured debt.

The company's total debt to gross assets has improved from 62% at year-end 2002 to 44% at the end of the third quarter 2004. Furthermore, Corrections Corp. has reduced secured debt as a percentage of gross assets from 33% to 12% in the same timeframe. In 2004 the company also redeemed all of its preferred stock.

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