Fitch affirms Fairfax

Fitch Ratings said it affirmed Fairfax Financial Holdings Ltd.'s issuer default rating at BBB, senior debt at BBB- and preferred shares at BB.

Also affirmed were the BBB issuer default ratings and BBB- note ratings of Crum & Forster Holdings Corp. and Odyssey Re Holdings Corp.

The outlook is stable.

The agency said the affirmation reflects the company's sizable cash position, favorable financial flexibility and reasonable financial leverage.

The ratings also reflect anticipated challenges in the overall competitive property/casualty market rate environment, the potential for additional adverse reserve development, particularly on older accident years and in runoff operations, and increased catastrophe losses in 2011, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.