NEW YORK (AP) — McGraw-Hill took a little friendly fire Monday, seeing its stock tumble nearly 8 percent after its Standard & Poor's agency downgraded the U.S. government's credit rating, helping to send the market into a tailspin.
McGraw-Hill owns Standard & Poor's, educational publisher McGraw-Hill Education, Platts energy information services and J.D. Power and Associates.
S&P, despite criticism from the Obama administration, has stood by its decision Friday to downgrade the U.S. government's credit rating from its top "AAA" rating to "AA+" over concerns about its ability to get its finances under control. The downgrade has stirred fears of a double-dip recession. On Monday the Dow Jones industrial average plunged more than 450 points.
Shares of McGraw-Hill Companies Inc. fell $3.22 to $38.50 in afternoon trading, outpacing the 4 percent decline in the Dow Jones at that time.
Shares of Moody's Corp., the parent company of rating agency Moody's Investors Service, also fell in trading Monday.
McGraw-Hill shares have traded between $27.08 and $45.47 in the past 52 weeks.
Copyright 2011 The Associated Press.