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Moody's upgrades Fidelity National, First American Financial

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Moody's upgrades Fidelity National, First American Financial

Moody's has upgraded the insurance financial strength ratings to A2 from A3 of Fidelity National Financial Inc.'s principal operating subsidiaries, Alamo Title Insurance, Chicago Title Insurance Co. and Fidelity National Title Insurance Co.

The rating agency changed the outlooks on the companies to stable from positive.

It also upgraded Fidelity National's senior debt rating to Baa2 from Baa3.

Moody's said the upgrade reflects Fidelity National's strong earnings, the ability to effectively navigate a highly cyclical title insurance market, as well as improved operating abilities which have allowed it to sustain its position as the largest title insurer in the U.S.

The insurance financial strength ratings of Fidelity National's units reflect, among other things, their position as the largest U.S. title insurer, a balanced distribution between agents and direct channels, disciplined underwriting and financial controls.

In a separate ratings action, Moody's upgraded the long-term issuer ratings and senior debt rating of First American Financial Corp. to Baa2 from Baa3 and the insurance financial strength rating of its title insurance subsidiary First American Title Insurance Co. to A2 from A3.

The rating agency changed the outlooks on the companies to stable from positive.

Moody's said the upgrade reflects First American Financial's improved operating abilities and its position as the second-largest title insurer in the U.S.