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Financial News Network
August 09, 2011 AT 1:43 AM
McGraw-Hill (NYSE:MHP) took a little friendly fire Monday, seeing its stock tumble nearly 8% after its Standard & Poor's agency downgraded the U.S. government's credit rating, helping to send the market into a downward spiral.McGraw-Hill owns Standard & Poor's, educational publisher McGraw-Hill Education, Platts energy information services and J.D. Power and Associates.S&P, despite criticism from the Obama administration, has supported its decision Friday to downgrade the U.S. government's credit rating from its top "AAA" rating to "AA+" over concerns about its ability to get its finances under control. The downgrade has stirred fears of a double-dip recession. On Monday the Dow Jones industrial average plunged more than 450 points.McGraw-Hill has a potential upside of 22.7% based on a current price of $38.31 and an average consensus analyst price target of $47.