Bulletin: Fidelity National Financial Inc. Capital Position Likely Unaffected By Acquisition Of FGL Holdings

NEW YORK (S&P Global Ratings) June 1, 2020--S&P Global Ratings today said its ratings on Fidelity National Financial Inc. (BBB/Stable/--) and operating subsidiaries (A/Stable/--) are unchanged following the closing of the company's acquisition of FGL Holdings Inc. The acquisition was funded with a combination of company stock, cash on hand, and debt through its 364 day delayed-draw term loan, which limits any negative impact to our current assessment of capital despite a modest increase in leverage and subsequently lower coverage. We believe the acquisition will help diversify the earnings for Fidelity National while not affecting its current leading market position in the U.S. title insurance market. RELATED RESEARCH Fidelity National Financial Inc. And Subsidiaries Ratings Affirmed; Outlook Stable, Oct. 7,

...NEW YORK (S&P Global Ratings) June 1, 2020--S&P Global Ratings today said its ratings on Fidelity National Financial Inc. (###/Stable/--) and operating subsidiaries (A/Stable/--) are unchanged following the closing of the company's acquisition of FGL Holdings Inc. The acquisition was funded with a combination of company stock, cash on hand, and debt through its 364 day delayed-draw term loan, which limits any negative impact to our current assessment of capital despite a modest increase in leverage and subsequently lower coverage. We believe the acquisition will help diversify the earnings for Fidelity National while not affecting its current leading market position in the U.S. title insurance market. RELATED RESEARCH + Fidelity National Financial Inc. And Subsidiaries Ratings Affirmed; Outlook Stable, Oct. 7, 2019 This report does not constitute a rating action....

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