Moody's affirms GEO

Moody's Investors Service said it has affirmed the GEO Group's senior secured rating at Ba3 and senior unsecured rating at B1.

Moody's said it also affirms the corporate family rating at Ba3, adding that the outlook has been revised to positive from stable to reflect the company's growing cash flow, stronger fixed-charge coverage ratios and adequate liquidity.

The company has significantly increased operating cash flow to a projected $139 million for full year 2009 from $46 million in 2006 as a result of growing revenues and improving operating margins, the agency noted.

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