On March 6, 2003, Standard&Poor's Ratings Services assigned its 'BBB' senior debt rating to Fidelity National Financial Inc.'s (FNF) $250 million senior unsecured 5.25% notes due March 15, 2013. The senior debt rating is based on FNF's 2002 extremely strong interest coverage of 25.3x, debt-to-total-capital and debt-to-tangible-capital ratios of 18% and 28.2%, respectively, down from 25.7% and 40.5% as of year-end 2001. Because of the financing terms of the deal, FNF's pro forma debt-to-total-capital and debt-to-tangible-capital ratios are projected to be about 22% and 39%, respectively. In 2002, FNF derived about 89% of its revenue from the seven title underwriting entities that on a consolidated basis form Fidelity National Title Insurance Cos. Group (Fidelity National; see ratings list).
