Fidelity National Financial Inc. 3.2% Senior Notes Due 2051 Rated 'BBB'

NEW YORK (S&P Global Ratings) Sept. 14, 2021--S&P Global Ratings today said it that it assigned its 'BBB' issue rating to Fidelity National Financial Inc.'s (FNF) 3.2% $450 million senior notes due 2051. We expect FNF to use the proceeds from the offering for general corporate purposes, including prefunding its 2022 $400 million debt maturity. The proposed issuance raises financial leverage to about 28.2%, up from 25.5% as of second-quarter 2021. The current capital structure is well supported by strong cash flow generation from the title insurance business, which has achieved over 40% revenue growth year to date from both strong residential and commercial transaction volume and the benefit of a weaker comparable period due to COVID impacts to Q2

...September 14, 2021 NEW YORK (S&P Global Ratings) Sept. 14, 2021--S&P Global Ratings today said it that it assigned its '###' issue rating to Fidelity National Financial Inc.'s (FNF) 3.2% $450 million senior notes due 2051. We expect FNF to use the proceeds from the offering for general corporate purposes, including prefunding its 2022 $400 million debt maturity. The proposed issuance raises financial leverage to about 28.2%, up from 25.5% as of second-quarter 2021. The current capital structure is well supported by strong cash flow generation from the title insurance business, which has achieved over 40% revenue growth year to date from both strong residential and commercial transaction volume and the benefit of a weaker comparable period due to COVID impacts to Q2 2020 results. Additionally, the better diversified business mix with the inclusion of FGL Holdings and growing net assets under management along with spreads remaining constant despite the challenging investment environment....

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