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Moody's: Fidelity notes Baa3
Moody's Investors Service said it assigned a Baa3 rating to the $400 million 10-year senior notes offered by Fidelity National Financial, Inc. and affirmed the A3 insurance financial strength ratings of the company's lead title insurance operating subsidiaries.
In the same action, Moody's assigned senior provisional Baa3 ratings to Fidelity National's multiple seniority shelf.
The proceeds from the debt offering are expected to be used primarily to repay a March 2013 debt maturity and for general corporate purposes.
The outlook is stable.
"Fidelity National's leading market share and effective expense management have enabled the company to do well despite a difficult real-estate market, where low levels housing resale transactions have damped revenue," Moody's senior credit officer Paul Bauer said in a news release.
"Fidelity National's adjusted financial leverage will be 33% on a pro forma basis following the debt offering but is expected to return to 30% after the March 2013 debt repayment," Bauer added in the release.
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