FirstAm's IDR Off Rating Watch

The issuer default rating of First American Corp., a Santa Ana, Calif.-based provider of title, mortgage, and other business information, has been affirmed and removed from Rating Watch Negative by Fitch Ratings. Also removed from Rating Watch Negative were First American's senior debt rating, the trust preferred securities rating of First American Capital Trust, and the insurer financial strength rating of First American Insurance Cos. The rating outlook is negative. Fitch said the actions were based on an improvement in capital adequacy under Fitch's Risk Adjusted Capital model. However, First American "continues to underperform" relative to its peers, and the negative outlook reflects "the negative trends not only in First American's capital, but also reserve levels and profitability," Fitch said. The company can be found online at http://www.firstam.com.