Moody's: Fidelity notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the seven-year convertible senior notes to be offered by Fidelity National Financial, Inc. (senior debt rated Baa3).

The outlook is stable.

The proceeds from the offering are expected to be used primarily to repay outstanding principal and interest under its revolving credit facility.

The ratings on Fidelity consider the support provided by the company's title insurance operating subsidiaries, the agency said.

The title group's credit profile is based on its leading position in the U.S. title insurance market as well as its balanced distribution system, continued profitability in spite of a difficult operating environment and disciplined underwriting and financial controls, the agency added.

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