Access to the dividend capacity of its strong title insurance companies. Subsidiaries' strong competitive position. Effective management and strategy. Superior operating performance. Deteriorating conditions in title insurance industry. Limited diversification. The counterparty credit rating on Fidelity National Financial Inc. (FNF) reflects the company's access to the earnings of its 'A' rated title insurance operations (collectively referred to as FNF Title) as well as FNF Title's strong competitive position, effective management and strategy, and superior operating performance. FNF's fixed-charge coverage, leverage, and liquidity are appropriate for the rating. Offsetting the company's strengths are the cyclical downturn in the title insurance industry and FNF's limited diversification. FNF's competitive position is strong. FNF Title is one of the largest title insurance groups, with
