SAN FRANCISCO (Standard&Poor's) Sept. 8, 2009--Standard&Poor's Ratings Services today commented on Toronto-based Fairfax Financial Holdings Ltd. (TSX and NYSE:FFH; BBB-/Stable/--). Fairfax announced on Sept. 4, 2009, that it has proposed to acquire all of the outstanding shares of Odyssey Re Holdings Corp. (NYSE:ORH; BBB-/Stable/--) that it does not own for $60/share in cash. Fairfax currently owns 72.6% of all outstanding shares. It intends to issue new common equity, which it would use to fully fund the acquisition of Odyssey Re shares while maintaining at least $1 billion in excess cash and marketable securities at the parent company. Standard&Poor's does not anticipate any rating changes for Fairfax or Odyssey Re Holdings Ltd. if the proposed
