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TMCNet:  AM Best Assigns Issue Credit Rating to Fairfax Financial Holding Limited's Senior Unsecured Notes

[February 08, 2019]

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.


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