On Dec. 09, 2004, Standard&Poor's Ratings Services placed its 'BBB' counterparty credit and senior debt ratings on Fidelity National Financial Inc. (FNF), on CreditWatch with negative implications. At the same time, Standard&Poor's placed its 'A' counterparty credit rating on FNF's wholly owned units, the Fidelity National Title Insurance Cos. Group (Fidelity National; see ratings list) on CreditWatch with negative implications. The CreditWatch actions are the result of FNF's Dec. 8, 2004, announcement that it intends to recapitalize its subsidiary, Fidelity National Information Services Inc. (FIS) with up to $2.8 billion in senior secured credit facilities and sell a 25% equity stake in FIS to a group of financial investors. FIS is expected to repay its existing
