The counterparty credit rating on Fidelity National Financial Inc. (FNF) is primarily based on the dividend capacity of the company's majority owned subsidiary Fidelity National Title Group Inc. (FNT) in addition to the company's majority stake in Fidelity National Information Services Inc. (FIS). Offsetting FNF's prospective strengths are the continually evolving strategic direction of senior management and the company's aggressive acquisition appetite. FNT leads the market as the number one domestic U.S. title insurance writer and enjoys industry-leading margins. As of March 31, 2006, FNT generated a market-leading 54% of its title revenue from direct operations (including escrow and other title related fees) resulting in a diminished though industry-leading 8.8% title margin. In April 2006, the FNF announced its intention
