DISTRESSED DAILY: McGraw-Hill Gets Better Grade After Covid Test

The Covid-19 pandemic uprooted school and learning for kids around the world, but textbook maker McGraw-Hill Education has proven resilient even as some college students opted to defer classes.

During a time when other companies in a range of sectors saw their revenue drop to almost zero, McGraw-Hill’s sales in the second quarter dipped by 3.6%, a result S&P Global Ratings deemed better than expected. Adjusted Ebitda rose by almost 30% amid lower operating costs, and the credit grader said earnings and cash flow could continue to improve as the company focuses on cost-cutting and sells more higher-margin digital products. ...