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Moody's reviews GEO, Cornell
Moody's Investors Service said it placed GEO Group, Inc.'s B1 senior unsecured rating, Ba3 senior secured rating and Ba3 corporate family rating under review with the direction uncertain, along with Cornell Cos. Inc.'s B2 senior unsecured rating under review for possible upgrade.
The review placement follows news that GEO will acquire Cornell for stock and/or cash with the cash component capped at $100 million, Moody's said. The transaction is expected to close in the third quarter of 2010 and be financed through GEO's cash and credit line availability, the agency said.
There is a possibility that GEO's financial profile could weaken as a result of the higher leverage and higher levels of secured debt that are expected to be used for the acquisition, Moody's said.
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