S&P gives Fidelity National notes BBB

S&P said it assigned its BBB debt rating to Fidelity National Financial Inc.’s proposed $600 million of 2.45% senior notes due 2031.

Fidelity is expected to use the proceeds to repay the remaining portion of the term loan credit agreement used as bridge financing to the fund the recently closed acquisition of FGL Holdings.

“The proposed issuance raises financial leverage to approximately 32%, up from 30% as of second-quarter

2020, but this is still well supported by its strong cash flow generating title insurance business and better diversification of earnings through the addition of FGL Holdings,” S&P said in a press release.

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