AM Best Assigns Indicative Issue Credit Ratings to Fairfax Financial Holdings Limited’s New Shelf Registration
14 Novembre 2023 - 2:48PM
Business Wire
AM Best has assigned indicative Long-Term Issue Credit
Ratings (Long-Term IRs) of “bbb+” (Good) to senior unsecured debt,
“bbb” (Good) to subordinated debt and “bbb-” (Good) to preferred
stock of the short-form base prospectus filed on Oct. 11, 2023
(base shelf prospectus) of Fairfax Financial Holdings Limited
(Fairfax) (Toronto, Canada) [TSX: FFH]. The outlook assigned to
these Credit Ratings (ratings) is stable. The existing ratings of
Fairfax and its insurance subsidiaries are unchanged.
The assigned ratings for securities that may be issued under the
shelf registration statement are consistent with the current
ratings of Fairfax’s outstanding securities. The new base shelf
prospectus replaces Fairfax’s previous shelf registration, which
was set to expire on Nov. 8, 2023. Since Fairfax qualifies as a
“Well-Known Seasoned Issuer” in Canada, new regulations have
removed the CAD 8 billion cap imposed on prior shelf registrations.
Consequently, the indicative Long-Term IRs for the previous shelf
registration have been withdrawn. The company’s financial leverage
and coverage ratios are within AM Best’s guidelines for Fairfax’s
current ratings and are expected to remain so over the near
term.
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.
Copyright © 2023 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Dan Hofmeister, CFA, FRM, CAIA, CPCU Senior Financial
Analyst +1 908 882 1893 dan.hofmeister@ambest.com
Gregory Dickerson Director +1 908 332 2531
gregory.dickerson@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com
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