Fitch Assigns 'BBB+' IDR to Stewart Information Service Corp.
September 18, 2008
CHICAGO — Fitch Ratings has assigned a 'BBB+' Issuer Default Rating (IDR) to Stewart Information Services Corp. (SISCO) the publicly traded parent of Stewart Title Guaranty Company (STG) and its wholly owned subsidiary Stewart Title Insurance Company (STIC). Fitch has taken no action on the 'A' insurer financial strength (IFS) with a Stable Outlook ratings of STG and STIC.
Fitch's notes that SISCO's IDR reflects standard notching.
Stewart is one of the nation's largest title insurance groups with a national market share of 11.7% as of March 31, 2008 according to the American Land Title Association. Approximately half of Stewart's premiums come from its four largest states: Texas; California; New York; and Florida. Stewart distributes its products through more than 9,500 locations on properties located in all 50 states and foreign countries.
Fitch has assigned a 'BBB+' IDR with a Stable Outlook to the following entity:
- Stewart Information Services Corp.
Fitch has taken no action on the following entities that have an 'A' IFS ratings with a Stable Outlook:
- Stewart Title Guaranty
- Stewart Title Insurance Company
Source: Fitch Ratings