S&P owner’s profits disappoint

McGraw-Hill, the owner of Standard & Poor’s ratings and indices, posted worse-than-expected profits and a fall in revenues yesterday as it said demand for its rating services had slumped in the past quarter. While its indices and report provider Platts performed well, fewer clients wanted ratings, while sales in its education division fell 11 per cent after schools slashed their budgets. Group revenues were down 2.5 per cent year-on-year to $1.9bn while net income fell 3.8 per cent to $365.6m, it said.