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S&P still may up HM Rivergroup
Standard & Poor's said its ratings on HM Rivergroup plc and subsidiary Riverdeep Interactive Learning USA Inc. remain on CreditWatch, where they were placed with positive implications on July 18.
The possible upgrade reflects HM Rivergroup's bid to acquire the Harcourt educational publishing business from Reed Elsevier plc for $3.7 billion in cash and $300 million in stock.
S&P said it estimates that the deal will roughly double the size of HM Rivergroup and believes it will enhance the competitive position of its Houghton Mifflin unit.
HM Rivergroup has a debt-to-EBITDA ratio of nearly 10 times.
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