OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned an issue rating of “bbb” to Fairfax Financial Holdings Limited’s (Fairfax) (Toronto, Canada) [TSX:FFH and FFH.U] forthcoming CAD 400 million 4.5% senior unsecured notes due in 2023. The outlook assigned to the rating is stable.
Following the notes issue, financial leverage and coverage measures at Fairfax are supportive of the assigned ratings. Fairfax intends to use the net proceeds of the offering to augment its cash position, to pursue potential acquisition opportunities, to increase short-term investments and marketable securities held at the holding company level, to refinance or retire outstanding debt and other corporate obligations of Fairfax and its subsidiaries from time to time and/or for general corporate purposes.
This press release relates to rating(s) 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.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2016 by A.M. Best Rating Services, Inc. and/or its subsidiaries.
ALL RIGHTS RESERVED.
