Old Republic Lifted to Investment Grade by Fitch on Mortgages

Sept. 26 (Bloomberg) -- Old Republic International Corp., the seller of business insurance and mortgage guarantees, was lifted to investment grade by Fitch Ratings on reduced risk tied to home loans.

The insurer was upgraded to BBB- from BB+ as the wind-down of the mortgage insurance unit “reduces the likelihood that its financial difficulties would trigger debt covenants that result in debt acceleration,” the ratings firm said today in a statement on Chicago-based Old Republic.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

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