OLDWICK, N.J.--(BUSINESS WIRE)--AM 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 CAD500 million 4.23% senior unsecured notes due June 2029. 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. The outlook assigned to the Credit Rating (rating) is stable.
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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