OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” to Fairfax Financial Holding Limited’s (Fairfax) (Toronto, Canada), recently announced $600 million 4.85% senior unsecured notes due April 2028. The outlook assigned to the Credit Rating (rating) is stable.
Following the senior unsecured notes issue, financial leverage and coverage measures remain supportive of the assigned rating. Fairfax intends to use the net proceeds of the offering to refinance and repay outstanding debt and for other corporate purposes. 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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