S&P: H&R Block on watch

Standard & Poor's said it placed its ratings on H&R Block Inc., including its BBB/A-2 counterparty ratings, on Creditwatch with negative implications.

This rating action also applies to the counterparty credit ratings of Block Financial LLC, a lead subsidiary and issuer of its debt, the agency noted.

According to S&P, this action follows Block's announcement on Oct. 15 that it is seeking legal remedies to force HSBC's U.S. finance arm to offer refund anticipation loans for the 2011 tax season, per the terms of an existing contract.

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