S&P affirms Odyssey Re

Standard & Poor's said it affirmed its A- counterparty credit and financial strength ratings on Odyssey America Reinsurance Corp., Clearwater Insurance Co. and Hudson Specialty Insurance Co. (collectively Odyssey Re) and removed them from CreditWatch with negative implications, where they were placed on July 28.

At the same time, S&P said it affirmed its BBB- counterparty credit and BB preferred stock ratings on Odyssey Re Holdings Corp. and removed them from CreditWatch negative.

The outlook is negative.

The agency said that these ratings have been on CreditWatch negative since July 18, following Fairfax Financial Holdings Ltd.'s announcement that its 2006-second quarter interim report to shareholders would be delayed.

S&P added that the ratings on Odyssey Re are based on its strong competitive position, improving operating performance and capitalization and strong liquidity.

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