S&P affirms Old Republic

Standard & Poor's said it affirmed and removed the A+/A-1 counterparty credit rating on Old Republic International Corp. and the AA counterparty credit ratings on its insurance subsidiaries from CreditWatch, where they were placed on Oct. 29 with negative implications.

The outlook is negative.

The agency said the negative outlook reflects expectations that operating results for the company's mortgage and title operations will be inconsistent with the ratings until at least 2009.

The affirmation reflects insurance subsidiaries' competitive position, excellent capitalization, conservative management and operating performance when measured over the long term, according to S&P.

The difficulties affecting the U.S. mortgage and housing sectors, which are hurting results for the title insurance subsidiaries, offset these positive factors, the agency said.

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