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S&P lowers Houghton Mifflin view to negative
S&P said it revised the outlook on Houghton Mifflin Harcourt Co. to negative from stable and affirmed its B corporate credit rating.
The agency also said it affirmed a B+ rating on the company's $800 million senior secured term loan. The 2 recovery rating is unchanged, indicating 70% to 90% expected default recovery.
The outlook revision reflects an expectation of negative free operating cash flow in 2017, along with the risk that Houghton Mifflin's free operating cash flow could remain weak, S&P said.
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