AM Best Assigns Issue Credit Rating to Fairfax Financial Holdings Limited’s Senior Unsecured Notes
July 02 2024 - 2:04PM
Business Wire
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. For more information,
visit www.ambest.com.
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Director +1 908 882 1893 dan.hofmeister@ambest.com
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908 882 2318 al.slavin@ambest.com