Fitch changes Stewart Information watch

Fitch Ratings said it revised the rating watch assigned to Stewart Information Services Corp. and its insurance subsidiaries to rating watch positive from rating watch evolving following the announcement that the company will be acquired by Fidelity National Financial, Inc. for $1.2 billion.

This transaction is anticipated to close no sooner than the first quarter of 2019.

The agency placed Stewart Information’s ratings on evolving watch on Nov. 7 following the announcement that the board of directors formed a committee to review all strategic alternatives available to the company, including new business combinations, the sale of the company, or continuing to execute on Stewart Information’s standalone business plan.

With the acquisition announcement, Fitch said it revised the watch to positive, as Fidelity National’s ratings are one notch higher than those of Stewart.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.