Revenue declined 5.3% to $610.2 million in the first quarter compared to the same period last year. Operating profit decreased by 12.3% to $231.6 million. Foreign exchange rates reduced revenue by $23.8 million, but had a favorable impact of $3.7 million on operating profit.
Revenue for Standard & Poor’s Credit Market Services, which provides independent global credit ratings, credit risk evaluations and ratings-related information and products, declined by 8.4% to $391.4 million in the first quarter compared to the same period last year. Revenue for Standard & Poor’s Investment Services, which provides comprehensive value-added financial data, information, investment indices and research, increased by 0.8% to $218.8 million. Outlook: S&P Credit Market Services: Low single-digit decline in 2009; S&P Investment Services: Single-digit growth in 2009 revenues. Source: McGraw-Hill Companies Press Release
More information to follow in the May 2009 Newsletter