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Fitch: First American view positive
Fitch Ratings said it affirmed the BBB issuer default rating for First American Financial Corp. revised the outlook to positive from stable.
The agency also affirmed the company's $600 million four-year revolving bank line of credit due 2016 at BBB-.
The affirmation and outlook revision reflects First American's capitalization, profitability and moderate financial leverage, according to the agency.
As of year-end 2011, First American reported a statutory operating leverage of 2.9 times. Offsetting these strengths are concerns about First American's reserve adequacy and concentrated position in CoreLogic, Inc. stock, the agency said.
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