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NEW YORK - Standard & Poor's Ratings Services said Tuesday it may upgrade Cornell Cos. ratings because of the correction services provider's potential for greater earnings from expanded capacity.
| CRN | 18.45 |  0.24 |
S&P reiterated its non-investment grade "B" rating on the company and upgraded its outlook to "Positive" from "Stable." The outlook means the agency may upgrade the rating in the near term.
"The outlook revision reflects our expectation that the company's earnings and cash flow will continue to improve as recently added capacity is filled," S&P said in a statement.
Cornell had about $304 million in total debt at the end of June, S&P said.
The company's shares fell $1.31, or 6.2 percent, to close at $19.84. In the past year, the stock has ranged from $15.69 to $28.45.
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