S&P ups Corrections to positive

Standard & Poor's said it revised its outlook on Corrections Corp. of America (CCA) to positive from stable.

At the same time, S&P said it affirmed its ratings on the company, including the BB- corporate credit rating.

The agency added that the revised outlook reflects enhanced industry fundamentals and the company's improved operating performance, which, combined with debt reduction, has led to strengthened credit measures and an improved financial profile.

The ratings on CCA reflect the company's narrow business focus, political risk and leveraged financial profile, S&P said, adding that these factors are somewhat mitigated by the company's leading position in the highly regulated U.S. private correctional facility management industry and favorable demographic trends.

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