Standard & Poor’s Ratings Services lowered their debt ratings on Education Media & Publishing Group and its Houghton Mifflin Harcourt Publishers to CCC from B-. They note “the rating outlook is negative…. In addition, we revised the recovery rating on Houghton Mifflin’s first-lien credit facilities to 3, indicating our expectation of average (50% to 70%) recovery for lenders in the event of a payment default, from 2.”Summary