S&P Downgrades Corrections Corp. (CXW) to 'BB'; Places Ratings on CreditWatch Negative
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Moody's Cuts Corrections Corp. (CXW) to 'Ba1'; Outlook Lowered to Negative
August 19, 2016 10:09 AM EDTMoody's Investors Service downgraded the senior unsecured rating of Corrections Corporation of America (NYSE: CXW)(CCA) to Ba1 from Baa3, as a result of the August 18, 2016 announcement by the U.S. Justice Department plans to phase out its use of privately-operated prisons. The rating outlook was revised to negative from stable.
The following ratings were downgraded:
Corrections... More
Options with increasing in volume
August 19, 2016 9:57 AM EDTOptions with increasing in volume: VRSN EL CXW TOST FL ALNY WMGI RH CAVM DE GPS DE NKE MU TWLO SLV JNJ TWI
... MoreCorrections Corp. (CXW) Responds to DOJ Action on Private Prisons; Says BOP Contracts Represent ~7% of Annual Revs
August 19, 2016 6:15 AM EDTCorrections Corporation of America (NYSE: CXW) responded to the Federal Bureau of Prisons' ("BOP") decision to amend the Criminal Alien Requirement XVI ("CAR 16") solicitation by reducing the previously announced 10,800 contract beds to 3,600 contract beds in response to recommendations from the Department of Justice to reduce future reliance on privately operated prison facilities. CCA's Eden Detention Center, containing 1,422 beds, is included in the CAR 16 solicitation.
"We have been a keen observer of the BOP's declining inmate population over the last three years.... More
