Fairfax Financial Holdings Ratings Raised To 'BBB-' From 'BB+'; Outlook Stable
- ID: 1782335
- January 2009
- Standard & Poors
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Research type: News
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SAN FRANCISCO (Standard & Poor's) Jan. 28, 2009--Standard & Poor's Ratings Services today said it raised its counterparty credit and senior unsecured debt ratings on Toronto-based Fairfax Financial Holdings Ltd. to 'BBB-' from 'BB+'. The outlook is stable. "The upgrade reflects our enhanced view of the company's credit profile, which benefits from its increasing ownership of Toronto-based Northbridge Financial as well as from its improved financial flexibility resulting from significant investment gains during a period of challenging economic conditions," said Standard & Poor's credit analyst Michael Gross. Fairfax's competitive position is specifically enhanced by its increasing ownership of Toronto-based Northbridge Financial and its intent to secure 100% ownership in early 2009, subject to shareholder approval. Through its investment expertise, Fairfax...
Companies mentioned in this report are: Fairfax Financial Holdings Ltd.
Action: Outlook: Stable
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