Moody’s NYSE: MCO Downgrades McGraw-Hill NYSE:MHP, S&P Parent
Moody’s NYSE: MCO Downgrades McGraw-Hill NYSE:MHP, S&P Parent
APO
Moody’s Corp. ratings agency Moody’s Investors Service yesterday cut the debt rating of The McGraw-Hill Companies Inc. 2 notches, from A3 to Baa2, just 2 notches above junk. Ironic yes…
Moody’s initiated its review in September following McGraw-Hill’s announcement that it was selling its education division to Apollo Global Management LLC (NYSE: APO) for $2.5-B.
It is not just that Moody’s thinks that the sale of McGraw-Hill’s education division is a bad idea:
McGraw-Hill faces heightened litigation risks in light of the recent civil lawsuits filed against McGraw-Hill and its subsidiary Standard & Poor’s Financial Services LLC (S&P) by the Department of Justice DO) and various state attorneys general.
S&P’s defense against the DOJ charges is essentially, “Everybody was doing it.” That would include Moody’s of course. So far the Justice Department has taken no action against Moody’s or Fitch, but if, as S&P claims, everyone was rating mortgage-backed securities stuffed with subprime loans as “Golden”, then it would seem that the DOJ would have figured that out already, and it is just a matter of time before enforcement actions are leveled against the other agencies. Stay tuned…
LTNs Analysis for MHP Overall Short Intermediate Long
Bearish (-0.40) Bearish (-0.45) Bearish (-0.42) Bearish (-0.33)
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Linda Johnson,
Business Development Director – Private Client Group,
Sales@Heffcap.com
Singapore
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
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