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A.M. Best rates Fairfax Financial Holdings’ unsecured notes
Firm gets a bbb, with a stable outlook.
Staff on December 15, 2016
A.M. Best has assigned a Long-Term Issue Credit Rating of “bbb” to Fairfax Financial Holdings Limited’s recently announced CAD 450 million in aggregate principal amount of senior unsecured notes due 2026. The senior unsecured notes will be obligations of Fairfax and pay an annual fixed interest rate of 4.70%.
The outlook assigned to the credit rating is stable.
Following the senior notes issue, financial leverage and coverage measures at Fairfax are supportive of the assigned ratings. Fairfax intends to use the net proceeds of the offering to refinance or repay outstanding debt or other corporate obligations of Fairfax and its subsidiaries and for general corporate purposes. This may include the redemption or repurchase of certain of Fairfax’s previously issued senior unsecured notes.
A.M. Best rates Fairfax Financial Holdings’ unsecured notes
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