Fitch rates Fidelity National loan BB-

Fitch Ratings said it affirmed and removed from Rating Watch negative the A- insurer financial strength ratings of the title insurance underwriting subsidiaries of Fidelity National Financial Inc. and the BBB- long-term issuer rating.

In addition, Fitch assigned a BB- rating to the senior secured credit facility entered into by Fidelity National Financial's subsidiary, Fidelity National Information Services. The outlook is stable.

Fitch said these rating actions coincide with the finalization of recapitalization plans for Fidelity National Information. Under the recapitalization plan, Fidelity National Financial is selling a 25% interest in Fidelity National Information to Thomas H. Lee Partners and Texas Pacific Group, which is expected to result in a gain of about $375 million.

Fidelity National Financial will use the $2.7 billion in proceeds from Fidelity National Information to declare a special dividend to stockholders, amounting to roughly $1.8 billion, pay down existing bank debt and potentially repurchase stock.

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