Fitch Ratings Upgrades Stewart to A-
Upgraded rating underscores continued financial strength
HOUSTON (Aug. 14, 2013) – Stewart Information Services Corp. (NYSE-STC) announced today that Fitch Ratings has upgraded the Insurer Financial Strength (IFS) ratings of Stewart’s insurance subsidiaries to 'A-' from 'BBB+' with a ‘Stable’ Rating Outlook. The Fitch IFS Rating provides an assessment of the financial strength of an insurance organization. A rating in the ‘A’ category is defined as "Strong" and indicates a strong capacity to meet policyholder and contract obligations.
“Stewart’s rating increase is indicative of our steady push to simplify our operations and align our organization to our customers’ needs,” said Matt Morris, CEO of Stewart. “In recent quarters, Stewart has seen tremendous success toward our goal of better financial results. Our most recent earnings release reported our fifth consecutive quarterly profit and excellent results across the board. Our Fitch Ratings increase further validates that our laser focus on operationally sound, and service-oriented initiatives is working.”
According to Fitch’s recent press release, “Fitch's upgrade of Stewart's ratings reflects a continued improvement in operating results, sustained solid capitalization, and increased reserve stability. The ratings also reflect strong debt servicing capabilities as a result of low financial leverage and solid earnings.”
“Stewart has the integrity that our industry needs, the long-standing 120-year history of serving our customers, and the solid financial strength that is being recognized by Fitch,” said Glenn Clements, group president, direct operations for Stewart Title. “We are proud to offer these assurances to our clients through our title policy issuing offices and agencies.”
To view the Fitch Ratings press release, click on http://www.fitchratings.com/creditdesk/press_releases/detail.cfm?pr_id=799330&origin=home.
Stewart Information Services Corp. (NYSE-STC) is a customer-focused, global title insurance and real estate services company offering products and services through our direct operations, network of approved agencies and other companies within the Stewart family. Stewart provides these services to homebuyers and sellers; residential and commercial real estate professionals; mortgage lenders and servicers; title agencies and real estate attorneys; home builders; and United States and foreign governments. Stewart also provides loan origination and servicing support; loan review services; loss mitigation; REO asset management; home and personal insurance services; tax-deferred exchanges; and technology to streamline the real estate process. Offering personalized service, industry expertise and customized solutions for virtually any type of real estate transaction, Stewart is the preferred real estate services provider. More information can be found at http://www.stewart.com/news.