S&P rates Odyssey notes BBB-

Standard & Poor's said it assigned its BBB- senior unsecured debt rating to Odyssey Re Holding Corp.'s proposed $125 million 10-year notes.

Odyssey Re intends to use the proceeds to redeem its outstanding convertible senior debentures as well as for general corporate purposes.

S&P said the ratings are based on the operating companies' (collectively referred to as Odyssey Re) improved business position, improved operating performance, strong investments and liquidity, and capital adequacy, which is supportive of the rating level. Partially offsetting these positive factors are the group's potential exposure to reserve development for prior years, relatively short track record of strong operating earnings since its IPO in 2001, and 81% ownership by lower-rated Fairfax Financial Holdings Ltd.

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