Fitch cuts CoreCivic

Fitch Ratings said it downgraded the ratings of CoreCivic, Inc., including the long-term issuer default rating, to BB from BB+.

Fitch also revised the outlook to negative from stable.

“The rating downgrade and outlook revision reflect negative capital access trends for private prison operators, including CXW,” the agency said in a news release.

“The list of banks that have publicly announced plans to exit lending and providing financial services to private prison operators due to environmental, social and governance (ESG) concerns has recently grown beyond the largest U.S. money centers to include regional and European banks.”

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