S&P changes Geo Group view to negative

S&P said it revised the outlook for Geo Group Inc. to negative from stable, citing weakened industry conditions.

“The U.S. private prison industry is facing a decline in occupancy in 2020, primarily due to reduced Immigration and Customs Enforcement (ICE) detentions and revised prison social distancing requirements. Since early May, ICE detainee populations are down by around 50% from April levels as the closure of the U.S.-Mexico border on March 20 deterred crossings and mandated the immediate return of those that did cross back to their country of origin,” S&P said in a press release.

The agency affirmed its ratings for Geo, including the BB- issuer rating.

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