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Block Financial LLC -- Moody's affirms Block Financial LLC's Baa3 long term, Prime-3 short term ratings; outlook remains negative

Moody's Investors Service ("Moody's") affirmed Block Financial LLC's (together with its indirect parent, publicly-traded H&R Block, Inc., "H&R Block" or "Block") senior unsecured rating at Baa3 and short term rating at Prime-3. On Tuesday, H&R Block announced it had agreed to acquire Wave Financial Inc. ("Wave") for $405 million. Cash from Block's balance sheet will be used to complete the purchase during fiscal 2020 and pay related fees and expenses.