Research Update: Fairfax Financial Holdings Ltd.

Standard & Poors, February 2003

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Abstract
On Feb. 12, 2003, Standard & Poor's Ratings Services lowered its counterparty credit rating on Fairfax Financial Holdings Ltd. (Fairfax) to 'BB' from 'BB+'. At the same time, Standard & Poor's lowered its counterparty credit rating on TIG Holdings Inc., which is Fairfax's subsidiary, to 'BB-' from 'BB'. The outlook on both of these companies is negative. These rating actions follow Fairfax's earnings announcement for the fourth quarter of 2002. The results for the quarter were mixed: underwriting results (excluding runoff operations) improved significantly, but there is the potential for liquidity strain in 2003. Standard & Poor's is concerned about Fairfax's ability to maintain adequate liquidity at the holding company. Historically, the counterparty credit and senior debt ratings on Fairfax...

Companies mentioned in this report are: Fairfax Financial Holdings Ltd.,TIG Holdings Inc.
Action: Review

Fairfax Financial Holdings Ltd.,TIG Holdings Inc.

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