Intuit Inc. -- Moody's says Intuit's sale of a portion of its financial services business does not affect the Baa sr unsecured rating, although a negative development

New York, July 01, 2013 -- Moody's Investors Service ("Moody's")said that Intuit, Inc.'s ("Intuit") Baa1 senior unsecured rating is unaffected by plans to sell a portion of its financial services unit, although the transaction is a negative development as the $1 billion of proceeds are expected to be used to accelerate share purchases. Intuit becomes a somewhat smaller and less diverse business after the sale of two non-core business lines, although the businesses its is selling represented only about 7% of Moody's expectations for Intuit's fiscal 2013 revenue.

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