|
|
Article: Fitch Downgrades Fidelity National Financial's IFS to 'BBB-'; Outlook Negative.
- Article from:
- Business Wire
- Article date:
- September 15, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
CHICAGO -- Fitch Ratings has downgraded the Issuer Default Rating (IDR) of Fidelity National Financial, Inc. (NYSE: FNF) two notches to 'B+' from 'BB'. Fitch also has downgraded the Insurer Financial Strength (IFS) ratings of FNF's title insurance subsidiaries one notch to 'BBB-' from 'BBB', with the exception of the former LandAmerica title subsidiaries, which Fitch has affirmed at 'BBB-' (please see complete list of underwriter IFS ratings below). The Rating Outlook for all ratings is Negative.
The IFS rating downgrade reflects continuation of what Fitch considers to be an aggressive capital management strategy where the operating leverage of the underwriting ...