Moody’s upgrades Corrections Corp.

Moody's Investors Service said it upgraded the senior unsecured rating of Corrections Corp. of America to Baa3 from Ba1.

The outlook is stable.

Moody’s said the upgrade reflects Corrections’ leading market position in the private corrections business and its strong credit profile – which includes a portfolio of investment graded rated tenants, low leverage on a net debt to EBITDA basis (3 times and 2.8 times for 1Q15 and 2014, respectively), high fixed charge coverage (8.6 times for 1Q15 and 2014), no debt maturities until 2017 and effectively no secured debt.

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