S&P downgrades Fidelity National Financial

Standard & Poor's Ratings Services on Tuesday lowered its counterparty credit rating on title insurer Fidelity National Financial Inc. to BBB- from BBB.

S&P also lowered Fidelity National's counterparty credit and financial strength ratings on its core title insurance operations to A- from A. The ratings agency said the outlook is negative.

S&P also lowered counterparty credit and financial strength ratings on FNF subsidiaries Lawyers Title Insurance Corp. and Commonwealth Land Title Insurance Co. to BBB+ from A-. Those two ratings remain on S&P's "CreditWatch" with developing implications.

S&P also lowered its counterparty credit rating on First American Corp. to BBB- from BBB, and its counterparty credit and financial strength ratings on First American Title Insurance Co. to BBB+ from A-.

Title insurance is generally purchased when a home changes hands to protect against problems with the property's records. Title insurers have struggled ever since the housing market took a nosedive.

Fidelity National Financial shares fell 74 cents, or 5.6 percent, to close at $12.44.