S&P: GEO Group unaffected

Standard & Poor's said The GEO Group Inc.'s (B+/stable) announcement that it has agreed to acquire Correctional Services Corp. does not affect the company's ratings or outlook at this time.

GEO plans to acquire Correctional Services for $62.2 million, in addition to assuming $124 million of Correctional Services' debt.

Despite the increased debt at GEO, S&P said it believes that the transaction will not materially affect credit protection measures and expects GEO's liquidity to remain at levels appropriate for the rating.

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