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Article: Fitch Downgrades First American Corp Debt Ratings; Outlook Remains Negative.
- Article from:
- Business Wire
- Article date:
- September 14, 2009
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CHICAGO -- Fitch Ratings has affirmed the 'A-' Insurer Financial Strength of the First American Insurance Companies (First American Group or First American) with a Negative Outlook. See below for a complete list of members. Additionally, Fitch has downgraded all holding company obligations one notch as follows:
First American Corporation (FAF)
--Issuer Default Rating (IDR) to 'BBB-' from 'BBB';
--Senior unsecured debt to 'BB+' from 'BBB-'.
First American Capital Trust
--Trust preferred securities to 'BB' from 'BB+'.
All ratings remain on a Negative Outlook.