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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 28, 2020 08:44 PM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” to Fairfax Financial Holdings Limited’s (Fairfax) (Toronto, Canada) recently announced $650 million 4.625% senior unsecured notes, due April 2030. The outlook assigned to the Credit Rating (rating) is stable. Fairfax intends to use the net proceeds of the offering to refinance or repay outstanding debt or other corporate obligations of the company and its subsidiaries and for general corporate purposes.
Following completion of the transactions discussed above, financial leverage and coverage measures are expected to 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.
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AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.