Fitch lowers McGraw-Hill

Fitch Ratings said it downgraded McGraw-Hill Cos., Inc.'s issuer default rating to A- from A.

The outlook is negative.

The downgrade reflects the company's plans to split into two publicly traded entities: McGraw-Hill Markets, encompassing the S&P, financial services and information and media segments, and McGraw-Hill Education, according to the agency.

The company also said it plans to accelerate share repurchases and buy back $1 billion in shares by the end of 2011, the agency noted.

Ratings reflect McGraw-Hill's prominent business franchises and its conservative balance sheet, coupled with its strong margins and free cash flow characteristics, Fitch said.

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