Fitch affirms H&R Block

Fitch Ratings said it affirmed the following ratings for H&R Block Inc. and its subsidiaries:

• H&R Block's issuer default rating at BBB; and

• Block Financial Corp.'s issuer default rating at BBB; senior unsecured debt at BBB; short-term issuer default rating at F2; and commercial paper rating at F2.

The outlook is stable.

According to Fitch, the ratings and stable outlook reflect that the agency expects revenue to decline in the low single-digits for the fiscal year ending April 2010, reflecting lower overall IRS tax filings as well as the continued secular shift to digital tax solutions where H&R Block does not maintain an industry-leading position.

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