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FOR IMMEDIATE RELEASE
OLDWICK - JULY 02, 2024 01:10 PM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” (Good) to the recently issued $600 million, 6.1% senior unsecured notes, due March 2055, of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada). The outlook assigned to this Credit Rating (rating) is positive.
The Long-Term Issuer Credit Rating of Fairfax, as well as the ratings of its operating subsidiaries and all other debt issuances are unchanged. The company intends to use the net proceeds of this offering to redeem all of the outstanding $500 million aggregate principal amount of Allied World Assurance Company Holdings I, Ltd.’s outstanding 4.35% senior unsecured notes due 2025 and the remainder for general corporate purposes.
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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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.