Fitch affirms Old Republic

Fitch Ratings said it affirmed Old Republic International Corp. and its subsidiaries.

Ratings affirmed include Old Republic International's issuer default rating at BBB+; $316 million of convertible unsecured senior notes at BBB; insurer financial strength rating of the property/casualty and title insurance groups at A+; as well as Old Republic Capital Corp.'s commercial paper at F2.

The outlook is negative.

Fitch said the affirmation reflects modest financial leverage, a conservatively structured investment portfolio and a core property/casualty business that is profitable after adjusting for the consumer credit indemnity product.

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