Moody’s Upgrades HMH’s Corporate Family Rating (CFR) to B3

HMH is pleased that Moody's Investors Service has recognized its improving financial position and the efforts of HMH’s leadership team in executing on its Digital First, Connected Strategy. This upgrade is an important validation of HMH’s ongoing work to establish itself as a pure-play K-12 learning technology company, with a robust and sustained ability to generate free cash flow. Additional detail can be found in Moody’s press release, which can be found here.

About Houghton Mifflin Harcourt
Houghton Mifflin Harcourt (NASDAQ: HMHC) is a learning technology company committed to delivering connected solutions that engage learners, empower educators and improve student outcomes. As a leading provider of K–12 core curriculum, supplemental and intervention solutions and professional learning services, HMH partners with educators and school districts to uncover solutions that unlock students' potential and extend teachers' capabilities. HMH serves more than 50 million students and 3 million educators in 150 countries, while its award-winning children's books, novels, non-fiction, and reference titles are enjoyed by readers throughout the world. For more information, visit


Investor Relations
Brian S. Shipman, CFA
SVP, Investor Relations
(212) 592-1177

Media Relations
Bianca Olson
SVP, Corporate Affairs
(617) 351-3841

Forward-Looking Statements
The statements contained herein include forward-looking statements which involve risks and uncertainties. Forward-looking statements include all statements that are not statements of historical facts, including statements regarding our efforts to execute on our Digital First, Connected growth strategy, to establish ourselves as a pure-play K-12 learning technology company and to generate free cash flow. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. We caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are based upon information available to us on the date of this press release.

We caution you that forward-looking statements are not guarantees of future performance and that actual results may differ materially from those made in or suggested by the forward-looking statements contained herein. Important factors that could cause actual results to vary from expectations include, but are not limited to: the duration and severity of the COVID-19 pandemic and its impact on the federal, state and local economies and on K-12 schools; any delays in receiving required regulatory approvals in connection with our recently announced agreement to sell the HMH Books & Media business or in satisfying other closing conditions and any disruptions in the global credit and financial markets that could have a negative impact on the completion of the proposed transaction; any disruption resulting from the proposed transaction that adversely affects our businesses and business relationships, including with employees and suppliers; the rate and state of technological change; state requirements related to digital instructional materials; our ability to execute on our Digital First, Connected growth strategy; increases in our operating costs; our ability to retain and hire key personnel; and other factors discussed in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. These forward-looking statements speak only as of the date of this press release, and we do not assume any obligation to update or revise any forward-looking statement made herein.