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Fitch upgrades Houghton Mifflin
Fitch Ratings said it upgraded its long-term issuer default ratings of Houghton Mifflin Harcourt Co. and subsidiaries, Houghton Mifflin Harcourt Publishers, Inc. (Houghton Mifflin), Houghton Mifflin Harcourt Publishing Co. and HMH Publishers LLC to B+ from B.
“These actions follow $337 million in debt prepayments made with proceeds from the sale of the company's books & media segment,” the agency said in a press release.
Fitch also removed the rating watch positive on Houghton Mifflin's first-lien term loan and first-lien secured notes and raised the issues to BB+/RR1 from BB-/RR2. Fitch does not rate asset-based lending facility.
The outlook is stable.
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