Moody’s Ratings Upgrades McGraw Hill

Key Terms

corporate family rating financial

A corporate family rating is a single credit score assigned to an entire group of related companies that reflects the likelihood the group can meet its financial obligations. It looks at the combined strength of the parent and core subsidiaries rather than any one bond or loan. Investors use it like a household credit score: it helps judge overall default risk, influences borrowing costs and bond prices, and guides decisions about exposure to the whole corporate group.

senior secured notes financial

Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.

senior unsecured notes financial

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

first lien bank credit facility financial

A first lien bank credit facility is a loan or revolving line of credit provided by banks that is secured by a borrower's assets and holds the top priority claim (first lien) if the borrower defaults. For investors, it matters because this senior security is repaid before other debts, reducing credit risk compared with lower-priority loans or unsecured debt; think of it like a mortgage holder having first dibs on a house before other creditors.

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COLUMBUS, Ohio--(BUSINESS WIRE)-- McGraw Hill, Inc. (NYSE: MH; “McGraw Hill” and the “Company”), a leading global provider of education solutions for preK-12, higher education and professional learning, today announced that it has received upgraded ratings from Moody’s Ratings.

On July 27, 2026, Moody’s Ratings upgraded McGraw-Hill Education, Inc.’s ratings, including its corporate family rating (CFR) to B1 from B2, its senior secured notes and senior secured first lien bank credit facility ratings to Ba3 from B1 and its senior unsecured notes rating to B3 from Caa1. The outlook was changed to stable.

“These upgrades from Moody’s validate the progress we have made to strengthen our balance sheet and continue to position McGraw Hill for sustainable growth,” said Bob Sallmann, the Company’s Executive Vice President and Chief Financial Officer. “We have reduced our debt, lowered our interest expense and enhanced our financial flexibility, all while continuing to invest in the future of education.”

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About McGraw Hill

McGraw Hill (NYSE: MH) is a leading global provider of education solutions for preK-12, higher education and professional learning, supporting the evolving needs of millions of educators and students around the world. We provide trusted, high-quality content and personalized learning experiences that use data, technology and learning science to help students progress towards their goals. Through our commitment to fostering a culture of innovation and belonging, we are dedicated to improving outcomes and access to education for all. We have over 30 offices across North America, Asia, Australia, Europe, the Middle East and South America, and make our learning solutions available in more than 80 languages. Visit us at mheducation.com or find us on Facebook, Instagram, LinkedIn or X.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260728425682/en/

Investor Contacts:
Danielle Kloeblen
Danielle.kloeblen@mheducation.com

Zack Ajzenman
Zack.ajzenman@mheducation.com

Lizzie Kenter
Lizzie.kenter@mheducation.com

Media Contacts:
Cathy McManus
Cathy.mcmanus@mheducation.com

Tyler Reed
Tyler.reed@mheducation.com

Source: McGraw Hill