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DUFF & PHELPS ANNOUNCES EVALUATION OF MCGRAW-HILL ACQUISITION

 CHICAGO, Aug. 30 /PRNewswire/ -- Duff & Phelps Credit Rating Co. said that it will evaluate the proposal by McGraw-Hill Inc. (NYSE: MHP) to take full ownership of a school book publisher, Macmillan/McGraw-Hill School Publishing Co.
 McGraw-Hill announced last Friday that it signed a letter of intent to pay $337.5 million for the half interest in the school publisher owner by Macmillan Inc., a unit of Maxwell Communication Corp. If completed, the acquisition will give McGraw Hill full ownership of one of the leading publishers of U.S. elementary and high school textbooks. McGraw-Hill and Macmillan now own equal parts of the Macmillan/McGraw- Hill School Publishing Co., Duff & Phelps said.
 The potential impact on McGraw-Hill's credit quality will depend on how the acquisition is financed by McGraw-Hill, the credit agency said. Although balance sheet leverage may increase, the effect on the company's cash flow is expected to be neutral or minimally negative.
 McGraw-Hill's notes are now rated `A+' (Single-A-Plus) by Duff & Phelps, and its commercial paper is rated Duff 1.
 -0- 8/30/93
 /CONTACT: James C. Goss, CFA, of Duff & Phelps Credit Rating Co., 312-630-4650/
 (MHP)


CO: McGraw-Hill Inc. ST: Illinois IN: PUB SU: RTG

MP -- NY056 -- 7096 08/30/93 12:40 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
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