LandAm, Title Subs Downgraded

The Issuer Default Rating of LandAmerica Financial Group and the insurer financial strength ratings of its title insurance subsidiaries have been downgraded by Fitch Ratings. The IDR was downgraded from BBB to BBB-minus, and the IFS ratings were downgraded from A-minus to BBB-plus. The rating outlooks on all were revised from stable to negative. "Fitch believes LFG's consolidated balance sheet fundamentals lag [those of] national peers at a time in the market cycle where risk-adjusted surplus, financial leverage, and reserve redundancy are critical to financial strength ratings," the rating agency said. The affected subsidiaries are Commonwealth Land Title Insurance Co., Commonwealth Land Title Insurance Company of New Jersey, Land Title Insurance Company of Pasadena, Lawyers Title Insurance Corp., Title Insurance Company of America, and Transnation Title Insurance Co. LandAmerica can be found online at http://www.landam.com.