Fitch: Fidelity unaffected

Fidelity National Financial, Inc.'s ratings and those of its subsidiaries remain unchanged following the company's announcement that it will issue $300 million of common equity.

Proceeds from the issuance will go toward paying down bank debt, reducing holding company debt-to-total capital to about 24% from 32% at Dec. 31, the agency added.

This level of financial leverage is within management's long-range target of 20%-25% of total capital, the agency said.

While the reduction in leverage is a positive development, Fitch said it did not take a rating action at this time as the stock issuance does not affect the capitalization at the title insurance operating company level.

The ratings for Fidelity National Financial include issuer default rating BB; $250 million 7.30% senior note maturing Aug. 15, 2011 BB-; $250 million 5.25% senior note maturing March 15, 2013 BB- and unsecured bank line of credit BB-.

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