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Moody's eyes Blucora for downgrade
Moody's Investors Service said it placed Blucora, Inc.'s ratings on review for downgrade, including its B1 corporate family rating and its B1 senior secured bank credit facility rating.
The decision to review follows Blucora reporting it agreed to sell its TaxAct software business for $720 million in cash, the agency said. The sale would leave the company with just its wealth management business, which will be rebranded as Avantax.
Moody’s noted the tax software business has historically supported Blucora’s credit profile.
“During its review for downgrade, Moody's will assess the resilience of Blucora's wealth management business and its ability to operate at a similar level of debt leverage as Blucora's current business activities,” the agency said in a press release.
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