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Moody's may cut Block Financial
Moody's Investors Service said it has placed on review for downgrade the senior debt and short-term ratings of Block Financial Corp., a wholly owned guaranteed funding subsidiary of H&R Block.
The agency said that the rating action reflects continued poor performance at Option One, H&R Block's mono-line subprime mortgage originator, due to dislocation in the U.S. single-family mortgage market.
Moody's added that its review will focus on the likelihood of the sale to Cerberus Capital Management and the amount of proceeds.
Moody's noted that its rating actions are as follows: Block Financial's senior unsecured guaranteed debt at Baa1, on watch for possible downgrade, senior unsecured debt shelf at provisional Baa1, on watch for possible downgrade, and short-term debt at Prime-2, on watch for possible downgrade.
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