"During 2008, FNF is expected to take $180 million in dividends from its underwriting subsidiaries in order to support the shareholders' dividend," Fitch analysts said in a press statement. "Current statutory profitability at the underwriters does not support this level of dividend." In other words, despite operating strength at the company — Fitch in particular noted that over a five-year period, Fidelity Title's statutory return on surplus averaged 45 percent, compared to a 26 percent industry average — the industry conditions are sour enough that continuing to pay the dividend would put capital "at a level inconsistent with the rating category." Elsewhere, not just warnings While warning on Fidelity National, Fitch trimmed both its IFS and IDR ratings for LandAmerica Financial Group (LFG), moving the company's IDR rating to just one notch above junk status.