Fitch lowers McGraw-Hill

Fitch Ratings said it downgraded the McGraw-Hill Cos., Inc.'s issuer default rating to BBB+ from A- and senior unsecured rating to BBB+ from A-.

Fitch also said it placed on Rating Watch negative those ratings, along with the company's short-term issuer default rating of F2 and commercial-paper rating of F2.

Regulatory and litigation-related event risks have historically been incorporated within the ratings, Fitch said.

However, recent events have heightened this risk, including increased uncertainties regarding its suit filed by the Department of Justice against McGraw-Hill and its S&P subsidiary, the agency said.

The downgrade also considers the potential impact these suits may have on the operations of the S&P business segment, Fitch said.

The ratings also reflect McGraw-Hill's prominent business franchises and the company's conservative balance sheet, the agency added.

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