Fitch Affirms First American Rating
August 28, 2008
Chicago -- Fitch Ratings affirmed its issuer default and senior unsecured debt ratings for First American Corp., an insurance and and business information company.
Fitch affirmed the Santa Ana, Calif-based company's issuer default rating at "BBB" and senior unsecured debt rating at "BBB-" and said its outlook is "Negative."
Additionally, the ratings service reaffirmed ratings for several of the First American's insurance operating subsidiaries.
Fitch affirmed First American Capital Trust's trust preferred securities at "BB+" and First American Insurance Cos.' insurer financial strength at "A-."
In April, Fitch lowered all ratings on First American one notch to their current levels and placed the ratings on watch for possible downgrade.
The ratings service said the current "Negative" outlook is "indicative of the negative trends not only in First American's capital, but also reserve levels and profitability."
First American shares rose $1.17, or 5 percent, to $24.71 in afternoon trading.
Source: Fitch Ratings