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S&P assigns GEO loans BB, notes B+
Standard & Poor's said it affirmed the B+ corporate credit rating on GEO Group Inc.
The outlook is stable.
At the same time, S&P assigned a BB issue rating to the proposed $1 billion senior secured credit facility, which is composed of a $700 million five-year revolving credit facility and a $300 million seven-year term loan B. The recovery rating is 1.
The agency also assigned a B+ issue rating to the proposed $300 million 10-year senior unsecured notes. The recovery rating is 4.
S&P said the ratings reflect its assessment that the company's business risk profile will remain "fair" and its financial risk profile will remain "highly leveraged" over the next one to two years, even after considering the REIT conversion.
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