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  "documentTitle": "The McGraw-Hill Companies (MHP)",
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      "text": "While there are some differences in business model and mix, both S&P Ratings and MH Financial operate at margins well below best-in-class pure play competitors",
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      "text": "Comparable EBIT Margins: S&P Ratings and MH Financial vs. Peers",
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      "text": "Note: All periods represent fiscal years. Excludes non-recurring items for S&P Ratings, MH Financial and all peers. For S&P Ratings and MH Financial, adjusted EBIT margins include allocation of adjusted corporate overhead (based on % EBIT contribution). For S&P Ratings and Moody's MIS, margins exclude intercompany royalty revenue and EBIT; intercompany royalty revenues assumed to have no associated costs.",
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      "kind": "list",
      "text": "Senior management focused on one discrete business rather than four\nEliminate corporate costs\nBetter alignment of management incentives with business performance",
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      "text": "Following the separation of MH Education, Information & Media and the S&P Index business, the remaining S&P Ratings / MH Financial business will be positioned to improve its performance and bridge its margin gap with peers",
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