12.07.2013 18:43:00
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Block Financial LLC -- Moody's Says Block Financial's Announced Sale of H&R Block Bank is a Credit Negative Development
New York, July 12, 2013 -- Moody's Investors Service said that the sale by Block Financial LLC ("Block", Baa2 negative) of H&R Block Bank and related contract for services from the buyer is a credit negative development as the buyer will extract some of the profitability from the tax-related payment products and services going forward and the capital returned to Block from the bank after the sale will likely be used to fund share repurchases.