Bulletin: Fidelity National Financial Inc. Ratings Unaffected By Acquisition Of Stewart Information Services Corp.

HIGHTSTOWN (S&P Global Ratings) March 20, 2018--S&P Global Ratings said today that Fidelity National Financial Inc.'s (FNF) proposed acquisition of Stewart Information Services Corp. will not result in a change to the ratings or outlook on FNF or its subsidiaries. The acquisition should lead to a substantial increase in FNF's market-leading positon in terms of title insurance premiums written. The effect of the acquisition on FNF and its subsidiaries will only be clear once all regulatory approvals have been obtained, Stewart has been integrated into the FNF group, and operational cost synergies have been realized. We do not expect FNF's financial risk profile to change following the acquisition. We expect a debt-to-capital ratio of less than 25% and some amount

...HIGHTSTOWN (S&P Global Ratings) March 20, 2018--S&P Global Ratings said today that Fidelity National Financial Inc.'s (FNF) proposed acquisition of Stewart Information Services Corp. will not result in a change to the ratings or outlook on FNF or its subsidiaries. The acquisition should lead to a substantial increase in FNF's market-leading positon in terms of title insurance premiums written. The effect of the acquisition on FNF and its subsidiaries will only be clear once all regulatory approvals have been obtained, Stewart has been integrated into the FNF group, and operational cost synergies have been realized. We do not expect FNF's financial risk profile to change following the acquisition. We expect a debt-to-capital ratio of less than 25% and some amount of share buybacks and note purchases. We also assume that the company will maintain an appropriate level of capital adequacy that supports the rating. Only a rating committee may determine a rating action and this report does not...

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