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Fitch: First American unchanged
Fitch Ratings said it took no rating action on First American Corp.'s ratings following the announcement to purchase the 26% minority interest in First Advantage Corp. in an all-stock transaction.
This transaction is expected to close before year-end, Fitch added.
Fitch said it views this transaction as ratings neutral because this is an all-stock transaction. Structuring this transaction as an all equity deal will have a modest impact on financial leverage and no impact on earnings based on interest coverage, the agency added.
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