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Moody's may lower Block
Moody's Investors Service said that Block Financial LLC's Baa1 senior debt and P-2 short-term debt ratings remain under review for possible downgrade following the announcement of a definitive agreement to sell the mortgage loan servicing business of Option One, its subprime mortgage subsidiary, to WL Ross & Co. LLC.
The agency noted that Block Financial is a wholly owned guaranteed funding subsidiary of H&R Block.
Although a sale would be a positive for H&R Block and likely lead to stabilizing the rating, the continued review for possible downgrade largely reflects uncertainty regarding the consummation of the transaction, S&P added.
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