On Feb. 10, 2009, Standard&Poor's Ratings Services said its ratings on Fidelity National Financial Inc. (FNF) and its rated title insurance subsidiaries (collectively, FNF Title) will remain on CreditWatch with negative implications. Standard&Poor's placed the ratings on CreditWatch negative after FNF's title operations reported a $146 million net operating loss for the third quarter of 2008. FNF Title's pretax profits of $7 million for the fourth quarter of 2008 compared favorably with our expectations, which we lowered after the third quarter of 2008. Despite the recent increase in title orders, Standard&Poor's still has concerns regarding the impact on mortgage originations of falling home prices and constrained credit. FNF's recent acquisition of LandAmerica Financial Group
