UPDATE 1-S&P ratings business drives McGraw Hill's profit beat
* Net income $1.06/shr vs. est 99 cents/shr
* Revenue rises 7.7 pct to $1.35 bln
* Raises full-year adjusted earnings forecast (Adds details)
July 28 (Reuters) - McGraw Hill Financial Inc reported a better-than-expected quarterly profit, driven by growth in its Standard & Poor's ratings unit due to a resurgent bond market.
The company also raised its full-year adjusted earnings forecast to $3.80-$3.90 per share from $3.75-$3.85 per share.
Revenue from the S&P business rose 11 percent to $664 million in the quarter, accounting for nearly half of McGraw Hill's total revenue.
Net income attributable to common shareholders from continuing operations rose 17 percent, to $292 million, or $1.06 per share, in the second quarter ended June 30.
Analysts on average had expected the company to earn 99 cents per share, according to Thomson Reuters I/B/E/S.
Total revenue rose 7.7 percent to $1.35 billion.
Global debt issuance rose 12 percent to $1.58 trillion in the quarter, according to Thomson Reuters data.
S&P rival Moody's Corp also reported a higher-than-expected quarterly profit last week, as revenue rose in its bond ratings business. Moody's raised its full-year revenue growth forecast.
McGraw Hill shares, which have risen 11 percent since the company last reported results in April, closed at $82 on the New York Stock Exchange on Monday.
Thomson Reuters Corp competes with McGraw Hill in providing information related to the financial and commodities markets. (Reporting by Amrutha Gayathri in Bangalore; Editing by Simon Jennings)
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