DBRS lifts Fairfax India

DBRS said it upgraded Fairfax India Holdings Corp.’s issuer and unsecured senior notes credit ratings of to BBB from BBB(low). The trend was changed to stable from positive.

The upgrade follows DBRS' one-notch boost and trend change on the issuer rating of the company’s parent, Fairfax Financial Holdings Ltd. on Friday.

“As a supported credit rating, Fairfax India’s credit ratings and trends typically move in tandem with Fairfax’s issuer rating, which was recently upgraded to A (low) by DBRS Morningstar from BBB (high). This reflects DBRS Morningstar’s expectation of support for the company from Fairfax. The level of parental support is deemed to be high, which is reflected by the effective control and significant economic ownership by Fairfax; the company’s name, which links it to Fairfax; and the company’s use of other Fairfax subsidiaries for investment management and other services,” DBRS said in a press release.

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