A.M. Best Affirms Issue Credit Rating of Fairfax Financial Holding Limited’s Re-Opened 2.75% Senior Unsecured Notes Due 2028

OLDWICK, N.J.--()--A.M. Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “bbb” to Fairfax Financial Holding Limited’s (Fairfax) (Toronto, Canada) 2.75% senior unsecured notes due March 29, 2028 (the notes), following the recently announced private offering of an additional EUR 150 million through a reopening of the issue. Fairfax currently has outstanding EUR 600 million aggregate principal amount of notes of this series (the original notes), bringing the total outstanding to EUR 750 million. The newly issued notes will have the same terms as the original notes, except for the issue date and the issue price, and will form part of the same series as the original notes, including with respect to interest payments. Ultimately, the notes will trade under the same ISIN and Common Code numbers as the original notes. The outlook of this 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.

This press release relates to Credit Ratings 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. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Darian Ryan, CPA, + 1 908-439-2200, ext. 5449
Senior Financial Analyst
darian.ryan@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jennifer Marshall, CPCU, ARM, +1 908-439-2200, ext. 5327
Director
jennifer.marshall@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Darian Ryan, CPA, + 1 908-439-2200, ext. 5449
Senior Financial Analyst
darian.ryan@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jennifer Marshall, CPCU, ARM, +1 908-439-2200, ext. 5327
Director
jennifer.marshall@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com