Moody's could cut Old Republic

Moody's Investors Service said it will continue its review for possible downgrade of the senior debt of Old Republic and the insurance financial strength ratings of the primary subsidiaries of the Old Republic General and Old Republic Title groups.

Moody's said the continuance follows the announcement by the company that the North Carolina Department of Insurance has issued an order of supervision to Old Republic's mortgage insurance subsidiary Republic Mortgage Insurance Co. At the same time, Moody's affirmed the Caa2 insurance financial strength rating of Republic Mortgage.

Moody's said its ongoing review for possible downgrade is focused on the degree to which the company and those operations can be separated from the distressed mortgage insurance operation, including a scenario of regulatory insolvency, rehabilitation or reorganization of Republic Mortgage.

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