S&P cuts LandAmerica outlook to negative

Standard & Poor's said it revised its outlook on LandAmerica Financial Group Inc. and the company's title insurance subsidiaries to negative from stable.

At the same time, S&P said it affirmed its BBB- counterparty credit rating and senior debt rating on LandAmerica and affirmed its A- counterparty credit and financial strength ratings on LandAmerica.

In addition, S&P said it affirmed LandAmerica's preliminary BB+ subordinated debt and BB preferred stock ratings.

The agency said that the revised outlook reflects the challenging environment for all title insurers.

According to S&P, the ratings on LandAmerica are based on the group's strong competitive position, strong capitalization of title insurance companies and good operating performance.

Offsetting the company's strengths is the challenging environment for the title insurance industry, the agency noted.

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