S&P Global Raises HMH’s Issuer Credit Rating to 'B' with a Positive Outlook

BOSTON — HMH (Nasdaq: HMHC), a learning technology company, is proud to be recognized by S&P Global for better-than-expected operating results and strengthened financial position.

S&P Global recently raised its issuer credit rating on HMH to 'B' from 'B-' with a positive outlook and increased its issue-level rating on the company’s secured debt to 'B+' from 'B,' while the recovery rating remained unchanged.

This upgrade is an important validation of HMH’s digital first, connected strategy that has resulted in strong financial and operational results, including improved liquidity and a significant increase in free cash flow. For additional information on S&P Global Ratings click here.

This event follows closely on the heels of last week’s corporate family rating (CFR) upgrade by Moody’s Investor Service to 'B1'. Click here for more information on the Moody’s upgrade.

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. For more information, visit www.hmhco.com

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Contact

Media Relations
Bianca Olson
SVP, Corporate Affairs
617-351-3841
Bianca.Olson@hmhco.com

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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 disruption resulting from the completed sale of our HMH Books & Media business 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 strategy; increases in our operating costs; management and personnel changes; timing, higher costs and unintended consequences of our operational efficiency and cost-reduction initiatives; and other factors discussed in our news releases, public statements and/or filings with the U.S. Securities and Exchange Commission, including our most recent Annual and Quarterly Reports on Form 10-K and Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events described herein may not occur.

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