Moody’s rates GEO notes B3, B1

Moody's Ratings said it assigned a B3 rating to GEO Group, Inc.'s planned $500 million of senior unsecured notes and a B1 rating to its proposed $700 million senior secured first-lien notes. The B2 corporate family rating and stable outlook are unchanged.

GEO is selling the new debt as part of a comprehensive refinancing of its capital structure.

“The B1 rating on the senior secured notes is rated one notch higher than the B2 CFR reflecting these securities' higher priority of claim in the event of default. The B3 rating on the unsecured notes is one notch lower than the CFR, reflecting a material amount of debt with a more senior priority of claim,” Moody’s said in a press release.

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