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Wed 01 Jan 2009Publishing giant disputes Moody's downgrade
HOUGHTON MIFFLIN Harcourt (HMH), second largest educational publisher in the world, has challenged a Moody’s downgrade of its credit rating, saying its leverage is lower than the agency estimated.
The first public comments from the group – led by Barry O’Callaghan and which grew out of Irish group Riverdeep – about its debt levels come after Education Media Publishing, its Cayman Islands-based parent, was named as one of the European companies at highest risk of default by Standard Poor’s, the rival rating agency.
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