AM Best Assigns Issue Credit Rating to Fairfax Financial Holdings Limited’s Senior Unsecured Notes
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OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” to the recently announced USD 600 million, 3.375% senior unsecured notes, due March 2031, of Fairfax Financial Holdings Limited’s (Fairfax) (Toronto, Canada). The outlook assigned to the Credit Rating (rating) is stable.
Fairfax intends to use the net proceeds of the offering to repay a portion of debt under its unsecured revolving credit facility and other outstanding debt of Fairfax and its subsidiaries. This may include the redemption or repurchase of certain previously issued senior unsecured notes or other debt securities of Fairfax and its subsidiaries.
Following completion of the transactions discussed above, Fairfax’s financial leverage measures are expected to remain supportive of the assigned rating, with ongoing coverage ratios slightly improving. 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 AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Dan Hofmeister, CFA, CAIA, CPCU, ARe
Senior Financial Analyst
+1 908 439 2200, ext. 5385
Manager, Public Relations
+1 908 439 2200, ext. 5159
+1 908 439 2200, ext. 5161
+1 908 439 2200, ext. 5644
Source: AM Best
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