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Fitch rates Stewart Information convertibles BB+
Fitch Ratings said it assigned a BB+ rating to Stewart Information Services Corp.'s $60 million 6% senior convertible debt that matures in 2014.
Proceeds of the offering will be used to pay down all existing callable bank debt.
Fitch said it took no action on Stewart's BBB- issuer default rating or the BBB+ insurer financial strength ratings of Stewart Title Guaranty Co. and its wholly owned subsidiary Stewart Title Insurance Co.
The outlook is negative.
Fitch said this reflects the agency's belief that Stewart's margins will continue to be pressured given the current downturn in the real estate cycle. Severe operating losses or material deterioration in capital would place further downward pressure on Stewart's ratings.
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