Best’s News & Research Service - February 08, 2019 02:30 PM (EST)
AM Best Assigns Issue Credit Rating to Fairfax Financial Holding Limited’s Senior Unsecured Notes
- February 08, 2019 02:30 PM (EST)
Oldwick //BestWire// - 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 issued $600 million 4.85% senior unsecured notes (New Notes) due April 2028 in satisfaction of registration rights pursuant to an SEC-registered exchange offer for its outstanding $600 million 4.85% senior unsecured notes (Old Notes) previously issued and sold by Fairfax in a private offering in April 2018. The outlook assigned to the Credit Rating (rating) is stable.
Following the full exchange of the Old Notes for the New Notes, financial leverage and coverage measures 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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