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No. of Recommendations: 1
S&P updated the long-term credit rating of GEO today. From Fidelity:
05/25/2021 9:30 AM EDT
S&P RATING DOWNGRADE
DOWNGRADED TO CCC ON 05/25/21

03/24/2021 10:30 AM EDT
S&P RATING DOWNGRADE
DOWNGRADED TO B- ON 03/24/21

The agency is anticipating a debt transaction or a default or something else adverse. (GEO hired "advisors" recently given its liquidity issues.) We'll see what happens. GEO may be a value trap... or quite the steal, on debt and/or equity. The 6's of 2026 are approaching 19% YTM and selling at 60% of face!
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