| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for H&R Block Inc. > News item |
Fitch cuts H&R Block
Fitch Ratings said it downgraded H&R Block Inc.'s issuer default rating to BBB from BBB+ and Block Financial Corp.'s issuer default rating to BBB from BBB+, senior unsecured debt to BBB from BBB+, short-term issuer default rating to F3 from F2 and commercial paper rating to F3 from F2.
The ratings remain on Rating Watch negative.
Fitch said the downgrade and watch reflect the uncertainty about the company's sale of its mortgage servicing business, its reduced liquidity and increased leverage with a debt-to-EBITDA ratio of about 3.3 times as of October.
The agency said the ratings also consider potential liabilities resulting from the company's subprime mortgage business.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.