Fidelity National Financial Inc. 3.4% Senior Notes Due 2030 Rated 'BBB'

NEW YORK (S&P Global Ratings) June 12, 2020--S&P Global Ratings today said it that it has assigned its 'BBB' debt rating to Fidelity National Financial Inc.'s (FNF) 3.4% $650 million senior notes due 2030. We expect FNF to use the proceeds from the offering to repay a portion of the term loan credit agreement used as bridge financing to fund the recently closed acquisition of FGL Holdings Group. The proposed issuance raises financial leverage to approximately 32%, up from 19% as of year-end 2019, but this is still well supported by FNF's strong cash flow generating title insurance business and better diversification of earnings through the addition of FGL Holdings. While the unprecedented volatility from the COVID-19 pandemic has weakened

...June 12, 2020 NEW YORK (S&P Global Ratings) June 12, 2020--S&P Global Ratings today said it that it has assigned its '###' debt rating to Fidelity National Financial Inc.'s (FNF) 3.4% $650 million senior notes due 2030. We expect FNF to use the proceeds from the offering to repay a portion of the term loan credit agreement used as bridge financing to fund the recently closed acquisition of FGL Holdings Group. The proposed issuance raises financial leverage to approximately 32%, up from 19% as of year-end 2019, but this is still well supported by FNF's strong cash flow generating title insurance business and better diversification of earnings through the addition of FGL Holdings. While the unprecedented volatility from the COVID-19 pandemic has weakened investment results, the title business has benefitted from historically low mortgage rates accelerating the pace of refinance activity and stabilizing origination volumes. We expect financial leverage to remain elevated in the near term,...

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