Fitch cuts Old Republic

Fitch Ratings said it downgraded Old Republic International Corp.'s issuer default rating to BBB from BBB+ and convertible note to BBB- from BBB, along with its property/casualty and title insurance subsidiaries' insurer financial strength ratings to A from A+.

The outlook is negative.

The downgrade reflects earnings levels that remain weak compared with industry peers and relative to historic norms, Fitch said.

The real estate crisis had an adverse impact on all three of its primary business segments, the agency said.

The company's earnings potential remains challenged over the next one to two years, Fitch said.

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