The counterparty credit rating on Fidelity National Financial Inc. (FNF) reflects the company's access to the earnings of its 'A' rated title insurance operations (collectively referred to as FNF Title) as well as FNF Title's strong competitive position, effective management and strategy, and superior operating performance. FNF's fixed-charge coverage, leverage, and liquidity are appropriate for the rating. Offsetting the company's strengths are the cyclical downturn in the title insurance industry and FNF's limited diversification. FNF's competitive position is strong. FNF Title is one of the largest title insurance groups, with a market share of 27% in the first half of 2007 according to the American Land Title Assoc. The company has substantial positions in all four major customer segments of
