Ratings Recap: Park, Fidelity National, Nationwide Mutual, Universal American

August 22, 2007

A.M. Best Co. has affirmed the financial strength rating of “A-” (Excellent) and assigned an issuer credit rating of “a-” to Park Assurance Company of Burlington, VT with a stable outlook. “The ratings reflect Park’s strong balance sheet, excellent liquidity and conservative operating strategy,” said Best. They also “recognize the company’s favorable operating results and its role as a single parent captive of JPMorgan Chase & Co. a leading global financial services group.”

Standard & Poor’s Ratings Services has revised its outlook on Fidelity National Financial Inc. and FNF’s title insurance subsidiaries Alamo Title Insurance Co., Chicago Title Insurance Co., Chicago Title Insurance Co. of OR, Fidelity National Title Insurance Co., Security Union Title Insurance Co., and Ticor Title Insurance Co. (FNF Title) to stable from positive. S&P also affirmed its ‘BBB’ counterparty credit rating on FNF and its ‘A’ counterparty credit and financial strength ratings on FNF Title, as well as its ‘BBB’ senior debt, ‘BBB-’ subordinated debt, and ‘BB+’ preferred stock ratings on FNF. “The revised outlook on FNF reflects the prolonged challenging environment for all title insurers,” explained S&P credit analyst James Brender. “Under current conditions, it is no longer appropriate for Standard & Poor’s to consider an upgrade of FNF or FNF Title.”

Standard & Poor’s Ratings Services has affirmed its ‘A+’ counterparty credit and financial strength ratings on Nationwide Mutual Insurance Co. and its property/casualty (P/C) affiliates (collectively referred to as Nationwide). S&P also affirmed its ‘A’ counterparty credit and financial strength ratings on Scottsdale Insurance Co. and its affiliates. All the ratings have a stable outlook. S&P noted that the “ratings on Nationwide Financial Services Inc. and its life insurance subsidiaries (collectively referred to as Nationwide Financial) are unaffected by these actions.”

A.M. Best Co. has affirmed the financial strength ratings (FSR) of “B++” (Good) and “B+” (Good) and the issuer credit ratings (ICR) of “bbb” and “bbb-” of Universal American Financial Corporation’s primary insurance subsidiaries. Best also affirmed the ICR of “bb” and all debt ratings on the shelf registration of Universal American. The outlook for most ratings remains negative.

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