Fidelity National Financial Inc.'s Proposed 2.45% $600 Million Senior Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) Sept. 11, 2020--S&P Global Ratings today said it that it has assigned its 'BBB' debt rating to Fidelity National Financial Inc.' s (FNF) proposed 2.45% $600 million senior notes due 2031. We expect FNF to use the proceeds from the offering to repay the remaining portion of the term loan credit agreement used as bridge financing to the fund the recently closed acquisition of FGL Holdings. The proposed issuance raises financial leverage to approximately 32%, up from 30% as of second-quarter 2020, but this is still well supported by its strong cash flow generating title insurance business and better diversification of earnings through the addition of FGL Holdings. While COVID-19 has hampered investment results because

...NEW YORK (S&P Global Ratings) Sept. 11, 2020--S&P Global Ratings today said it that it has assigned its '###' debt rating to Fidelity National Financial Inc.' s (FNF) proposed 2.45% $600 million senior notes due 2031. We expect FNF to use the proceeds from the offering to repay the remaining portion of the term loan credit agreement used as bridge financing to the fund the recently closed acquisition of FGL Holdings. The proposed issuance raises financial leverage to approximately 32%, up from 30% as of second-quarter 2020, but this is still well supported by its strong cash flow generating title insurance business and better diversification of earnings through the addition of FGL Holdings. While COVID-19 has hampered investment results because of unprecedented volatility, the title business has benefitted from historically low mortgage rates, accelerating the pace of refinance activity and creating a stronger purchase market in the latter half of the second quarter into the third quarter,...

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