Old Republic Credit Rating Raised Two Levels to BB+ By Fitch

Old Republic International Corp. (ORI), the insurer that reached an agreement with a North Carolina regulator related to its mortgage guarantee business, had its credit rating lifted two levels to BB+ by Fitch Ratings.

The deal with North Carolina regulators “will likely allow ORI to avoid a covenant breach and related debt acceleration,” since a mortgage insurance unit is more likely to avoid bankruptcy or insolvency, Fitch said today in a statement about the Chicago-based insurer.

To contact the reporter on this story: Noah Buhayar in New York at nbuhayar@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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