McGraw-Hill beats the Street, CEO defends S&P

McGraw-Hill Cos Inc (MHP.N) reported a better-than-expected profit rise on Thursday and brushed off criticisms of its Standard & Poor's ratings agency, for which it sees a promising second half of the year.

The company's quarterly income was up 11 percent as robust bond issuance stoked demand for ratings. Citing "a promising outlook" for the rest of 2011, it also bumped up an earnings forecast, despite signs the ratings demand could cool.

McGraw-Hill has come under intense scrutiny for S&P's role in the financial crisis and the more recent global sovereign debt concerns.

Addressing criticisms in Europe over S&P's sovereign ratings on Greece and others, as well as calls there for new limits on ratings agencies, McGraw-Hill Chief Executive Harold McGraw III said they are "misguided."

http://www.reuters.com/article/2011/07/28/us-mcgrawhill-idUSTRE76R4EU20110728