[February 08, 2019] |
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AM Best Assigns Issue Credit Rating to Fairfax Financial Holding Limited's Senior Unsecured Notes
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term
IR) of "bbb" to Fairfax Financial Holding Limited's (Fairfax) (Toronto,
Canada) recently issued $600 million 4.85% senior unsecured notes (New
Notes) due April 2028 in satisfaction of registration rights pursuant to
an SEC (News - Alert)-registered exchange offer for its outstanding $600 million 4.85%
senior unsecured notes (Old Notes) previously issued and sold by Fairfax
in a private offering in April 2018. The outlook assigned to the Credit
Rating (rating) is stable.
Following the full exchange of the Old Notes for the New Notes,
financial leverage and coverage measures remain supportive of the
assigned rating. Fairfax's Long-Term Issuer Credit Rating of "bbb," its
existing Long-Term IRs and the ratings of its operating insurance
subsidiaries are unchanged.
This press release relates to Credit Ratings that have been published
on AM Best's website. For all rating information relating to the release
and pertinent disclosures, including details of the office responsible
for issuing each of the individual ratings referenced in this release,
please see AM Best's Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view Understanding
Best's Credit Ratings. For information on the proper media
use of Best's Credit Ratings and AM Best press releases, please view Guide
for Media - Proper Use of Best's Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190208005436/en/
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