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July 16, 2009
McGraw-Hill Cos., the owner of the Standard & Poor’s credit-rating company, is cutting 550 jobs, or about 2.5 percent of its workforce, as part of a restructuring to combine two education-publishing units.
About 340 of the positions are in the school division, 125 in the information and media unit and 85 in the S&P division, the New York-based company said today in a statement. McGraw said it recorded a $24.3 million pretax charge in second-quarter results, mostly because of severance costs.
“The majority of this has been completed already and the remaining affected employees will be notified in the coming months,” said Steven Weiss, a McGraw-Hill spokesman.
McGraw-Hill is merging two businesses to focus more closely on the market for pre-kindergarten to 12th grade students. McGraw-Hill’s A1 senior unsecured rating may be downgraded one level on concern that pressure on its education and financial- service units will result in less cash flow to debt even as the economy recovers, Moody’s Investors Service said July 14.
McGraw-Hill’s education division posted a 5.3 percent decline in revenue to $312.6 million in the first quarter, compared with a 5.7 percent revenue drop companywide. The unit narrowed its loss to $76.6 million in the period from $90.9 million a year earlier.
McGraw-Hill added 30 cents to $32.38 at 4:01 p.m. in New York Stock Exchange composite trading. The stock has gained 40 percent this year.
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