New York, February 05, 2016 -- Moody's Investors Service ("Moody's") downgraded Houghton Mifflin Harcourt Publishers Inc.'s ("HMH") senior secured bank credit facility rating to B2 from B1. The Speculative Grade Liquidity Rating was lowered to SGL-2 from SGL-1. Moody's also downgraded the company's Corporate Family Rating to B2 and its Probability of Default Rating to B3-PD. The rating outlook is stable. The action reflects underperformance of HMH business relative to expectations, combined with a more aggressive financial policy toward share buybacks.

Vollständigen Artikel bei Moodys lesen