Fidelity National Financial Inc.

The stable outlook on Fidelity National reflects S&P Global Ratings' expectation that the group will maintain its strong competitive position, including favorable operating performance metrics and industry-leading market share. We also expect Fidelity National to maintain capital adequacy at the very strong level. We may lower our ratings if Fidelity National's competitive position weakens, reflecting a market share below 30%, and if its operating metrics decline significantly, and we do not expect them to improve. We would also lower our ratings if capital adequacy were to deteriorate significantly and we believe it would not return to sustainable levels to support the rating. We are unlikely to raise the ratings in the next two years. Any upgrade would depend on a

...Key Strengths Key Risks Lead market position in the U.S. title insurance industry Exposure to mortgage volume volatility due to the monoline nature of the business, which strong expense controls mitigate Extremely strong capital adequacy with a sizeable buffer...

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