Moody's downgrades S&P

Ratings agency Moody's has downgraded the credit rating of McGraw-Hill, the parent of the world's largest ratings company, rival Standard and Poor's.

Moody's handed the firm a two notch downgrade, to Baa2 from A3, and warned further cuts could be on the cards. Moody's slapped a ‘negative' outlook on McGraw-Hill, amid concerns over the uncertainty of the company's financial position, after it was hit with a $5bn fraud lawsuit by the US government earlier this month. The US department of justice has accused McGraw-Hill of duping investors by presenting its ratings as objective. Earlier this week McGraw-Hill hit back at the accusations, denying any malpractice had taken place. "The company does not believe the department of just...