Fitch Ratings has assigned a 'BB+' initial Issuer Default Rating (IDR) to Corrections Corp. of America (CCA). Fitch has also assigned a 'BBB-' rating to the company's $785 million secured credit facility, and a 'BB+' rating to $645 million of senior unsecured notes. The Rating Outlook is Stable. The 'BB+' IDR considers the attractive long-term credit characteristics of the private correctional facilities industry, including:
(1) overcrowding of public prisons,
(2) modest private sector penetration of prison populations, and
3) economically defensive characteristics of prison populations...
LINK - Reuters.com