On Oct. 23, 2008, Standard&Poor's Ratings Services placed its 'BBB' counterparty credit rating on Fidelity National Financial Inc. (FNF) on CreditWatch with negative implications. At the same time, we placed our 'A' financial strength and counterparty credit ratings on FNF's title insurance subsidiaries (FNF Title) on CreditWatch with negative implications (see the ratings list). The CreditWatch placement follows FNF's announcement that FNF Title reported a net operating loss of $146 million in the third quarter of 2008. The CreditWatch placement reflects Standard&Poor's concern that continued deterioration in FNF Title's operating performance could weaken the group's financial strength. As part of a sectorwide review in August 2008, Standard&Poor's revised its outlook on FNF and its
