Moody's rates Fidelity National's loans (P)Ba1, (P)Baa3

Moody's Investors Service said it has assigned a provisional rating of (P)Ba1 to the $250 million senior credit facility expected to be entered into by Fidelity National Financial, Inc. and a provisional rating of (P)Baa3 to the $300 million senior credit facility expected to be entered into by Fidelity National Title Group, Inc.

The outlook for both credit facilities is stable.

Moody's said it also changed the outlook on Fidelity National's primary title insurance operating subsidiaries to stable from negative.

Moody's said it also continues to review the $500 million in senior notes (currently rated Baa3) at Fidelity National Financial for possible downgrade.

The ratings at Fidelity National Title Group (senior credit facility rated (P)Baa3) reflect its strong franchise and leading market share in the title insurance sector, consistently strong profitability, geographic and business line diversity and disciplined claims management, underwriting and financial controls, Moody's said.

These strengths are tempered by the volatility associated with the title insurance industry, limited organic growth opportunities within the title sector, a history of using significant financial leverage and the operational risk created by an active acquisition program, Moody's said.

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