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Standard & Poor's Cuts Scholastic's Rating

Stock quotes in this article: SCHL  

NEW YORK (AP) — Standard & Poor's Ratings Services cut its rating of Scholastic Corp. on Friday citing concerns about the company's declining performance. It is the second rating downgrade this week for the children's book publisher.

S&P lowered its corporate credit and senior unsecured issue-level ratings on Scholastic to "BB-" from "BB" on concerns about the company's operating performance. The rating outlook is stable.

S&P credit analyst Tulip Lim said the downgrade reflects the company's steadily declining margins, increased debt and reduced cash flow. ...

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