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Fitch Downgrades First American Corp Debt Ratings; Outlook Remains Negative.

Publication: Business Wire
Publication Date: 14-SEP-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
CHICAGO -- Fitch Ratings has affirmed the 'A-' Insurer Financial Strength of the First American Insurance Companies (First American Group or First American) with a Negative Outlook. See below for a complete list of members. Additionally, Fitch has downgraded all holding company obligations one notch as follows:

First American Corporation (FAF)

--Issuer Default Rating (IDR) to 'BBB-' from 'BBB';

--Senior unsecured debt to 'BB+' from 'BBB-'.

First American Capital Trust

--Trust preferred securities to 'BB' from 'BB+'.

All ratings remain on a Negative Outlook.

The expanded notching of the holding company ratings reflects a heightened scrutiny of the company's...

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