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Bulletin: Fairfax Financial Holdings Ltd. Ratings Unaffected By Plan To Acquire Remainder Of Odyssey Re
Standard & Poors, Sep 2009
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
SAN FRANCISCO (Standard & Poor's) Sept. 8, 2009--Standard & Poor's Ratings Services today commented on Toronto-based Fairfax Financial Holdings Ltd. (TSX and NYSE:FFH; BBB-/Stable/--). Fairfax announced on Sept. 4, 2009, that it has proposed to acquire all of the outstanding shares of Odyssey Re Holdings Corp. (NYSE:ORH; BBB-/Stable/--) that it does not own for $60/share in cash. Fairfax currently owns 72.6% of all outstanding shares. It intends to issue new common equity, which it would use to fully fund the acquisition of Odyssey Re shares while maintaining at least $1 billion in excess cash and marketable securities at the parent company. Standard & Poor's does not anticipate any rating changes for Fairfax or Odyssey Re Holdings Ltd. if the proposed...
Companies mentioned in this report are: Fairfax Financial Holdings Ltd.,Odyssey Re Holdings Corp.
Action: Bulletin
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