Old Republic Intl and units' outlook cut to negative - Fitch |
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Published
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Fri, 30 Nov 2007 06:48
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BANGALORE (Thomson Financial) - Fitch Ratings said it has lowered its outlook on Old Republic International Corp (ORI) and its units to negative from stable on concerns about the strain from poor operating results in the company's mortgage insurance and title insurance businesses and increased worries over growth in consumer credit indemnity program.Fitch affirmed its issuer default rating at 'AA-' on ORI.The ratings agency said the current ratings are being affirmed despite the increased pressure on ORI's capital position.Future rating actions on ORI and its subsidiaries will depend in large part on whether future loss trends in its mortgage insurance and second-lien portfolios decline materially from its current levels, it said.TFN.newsdesk@thomson.comash/pmiCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Old Republic International ratings affirmed; outlook negative - S&P 