The issuer default ratings of Kansas City, Mo.-based Block Financial Corp. and H&R Block Inc. have been downgraded from A-minus to BBB-plus by Fitch Ratings.Fitch also downgraded Block Financial's senior unsecured debt from A-minus to BBB-plus. All ratings remain on Rating Watch Negative. The rating agency said the downgrades "reflect the continued uncertainty surrounding the sale of Option One Mortgage Corp." as well as the addition of three new board members as a result of a proxy fight, a recent change in auditor, and a recent resignation of the company's chief financial officer.
Processing Content
