Harold McGraw, Chairman and CEO of McGraw-Hill Companies stated recently that the decline in the structured finance market, which started in September, carried over into October, November and December and is repeating itself in January.   McGraw-Hill revenues and income are impacted by a decline in its rating business Standard & Poor’s (S&P), which saw a decline of 14% in forth quarter revenues.  Issuance was down 41.7%, the latter included declines of 75.9% in mortgage securities and 73.5% in CDOs.  “As the liquidity freeze begins to thaw and confidence returns, the market will find a firmer footing in the latter part of 2008,” Harold McGraw stated.  Financial Services (S&P) 2007 revenues rose to US$ 3.034.6 million or 46% of parent company revenues.  Operating income rose to US$ 1,359.4 or 75% of total.  Source: Company Press Release and Reuters

BIIA Newsletter February 2008 Issue