S&P places LandAmerica ratings on negative watch

By Associated Press
July 25, 2008 | Comments (0)

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Credit ratings agency Standard & Poor's on Friday placed the counterparty credit of LandAmerica Financial group Inc. and its title insurance's counterparty credit and financial strength ratings on a negative watch.

LandAmerica's title insurance unit is currently rated "A-" for both counterparty credit and financial strength by S&P. The ratings are considered investment-grade.

LandAmerica's counterparty credit rating is currently "BBB-." That rating is the considered the lowest investment-grade rating.

A negative watch means there is a 50 percent chance the ratings could be cut in the next three months.

The review is based on deterioration in profitability in the greater title insurance sector and macroeconomic factors weighing on the industry right now, such as declining mortgage originations, S&P said in a statement.

The housing market has slowed considerably over the past year as sales have declined and prices have fallen. The decline in sales has led to fewer title insurance policies being written.

Shares of LandAmerica fell $1.33, or 7 percent, to close Friday at $17.78.

“S&P places LandAmerica ratings on negative watch”

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S&P places LandAmerica ratings on negative watch

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