McGraw-Hill Cos. announced today that its quarterly earnings fell 44% due to business dropping at its Standard & Poor's unit.

Revenue in the ratings business dropped 22% in 1Q08. As a result, S&P is starting another round of cost cuts. McGraw-Hill has already taken various measures in its ratings business such as layoffs, reducing hiring as well as cutting discretionary spending.

McGraw-Hill said 1Q08 earnings were $81.1 million, or 25 cents a share, dropping from a year ago figure of $143.8 million, or 40 cents a share. The company said it expects earnings per share of $2.65 to $2.75 for this year, which would be down from last year's $2.94.

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