Following through on a warning issued last month, analysts at Fitch Ratings today lowered First American Corp.'s insurer financial strength and debt ratings by a notch, and said they remain subject to further downgrade. The ratings moves were a response to First American's announcement of an expected $50 million fourth-quarter loss, a reorganization of the company, and expected weakness in title insurance, Fitch analysts said. Downgraded from "A+" to "A" were the insurer financial strength ratings of a dozen title insurance companies under the First American umbrella, including First American Ttitle Insurance, Land Title Insurance Co. of St. Louis, Mortgage Guaranty & Title Co. and United General Title Insurance Co.. Fitch said it also initiated coverage of four other Fir...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.