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US publisher Houghton Mifflin Harcourt (HMH), which is controlled by Irishman Barry O'Callaghan, has had its $6.4bn corporate family debt rating slashed by Moody's amid a belief that a fundamental debt restructuring is required at the company in order for it to survive, reports the Irish Independent.
The agency said the decision reflects its concerns that HMH "may determine that a fundamental restructuring represents the best alternative to addressing its currently challenged capital structure". Moody's added that its rating outlook for the company was negative.