Fitch pulls McGraw-Hill from watch

Fitch Ratings said it affirmed McGraw-Hill, LLC's ratings, including its long-term issuer default rating of B+ and all issue ratings, and resolved the rating watch negative. The outlook is negative.

“The RWN resolution was driven by funding details for Platinum Equity, LLC's $4.5 billion acquisition of MH. Although closing pro forma FFO leverage of 6.8x is high for the rating, Fitch's rating case assumes leverage declines below 6x within 18-24 months, in line with the rating sensitivities presented when the RWN was instituted on June 17, 2021,” the agency said in a press release.

Fitch added the outlook is driven by the possibility that the company's operating trajectory may not show sufficient debt repayment to meet the agency’s timeline.

All MH debt will be repaid upon closing of the acquisition by Platinum.

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