The issuer default rating of First American Corp., a Santa Ana, Calif.-based provider of title, mortgage, and other business information, has been placed on Rating Watch Negative by Fitch Ratings. Also placed on 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. Fitch said the actions were based on "a significant deterioration in First American's pro forma capital adequacy under Fitch's Risk Adjusted Capital model, bringing the company to a level that was incompatible with both the rating category and peer companies." The company can be found online at http://www.firstam.com.
Processing Content
