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Moody's cuts Block notes
Moody's Investors Service said it downgraded Block Financial LLC's senior notes long-term rating to Baa2 from Baa1 and medium-term note program long-term rating to a prospective Baa2 from Baa1. It also affirmed Block's Prime-2 commercial paper short-term rating.
The outlook is negative.
The downgrade of Block's long-term ratings reflects declining tax return volumes, the risk of further market share losses in the bricks and mortar segments, the company's leading market position, its solid operating margins, an expanded digital presence and potential synergies.
The negative outlook reflects concerns that Block's financial performance in 2011 could decline.
The affirmation of the Prime-2 short-term rating reflects the company's adequate liquidity profile and stable cash flow generation.
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