A.M. Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” to Fairfax Financial Holdings Limited’s (Fairfax) (Toronto, Canada) [TSX: FFH and FFH.U] recently announced CAD 650 million 4.25% aggregate principal amount of senior unsecured notes due 2027. The outlook assigned to the Credit Rating (rating) is stable.
Following the senior notes issue, financial leverage and coverage measures, including consideration of liquid assets held at the holding company, are supportive of the assigned rating. Fairfax intends to use the net proceeds of the offering to refinance or repay outstanding debt. This includes the redemption of Fairfax’s notes due Aug. 19, 2019.
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 A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171201005714/en/
A.M. Best
Darian Ryan, CPA, +1 908-439-2200, ext. 5449
Senior
Financial Analyst
[email protected]
or
Jennifer
Marshall, CPCU, ARM, +1 908-439-2200, ext. 5327
Director
[email protected]
or
Christopher
Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
[email protected]
or
Jim
Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
[email protected]