We view Fairfax Financial's U.S. subsidiary, Crum&Forster, as core and integral to Fairfax. We are raising our ratings on Crum&Forster to 'A-' from 'BBB+'. The consolidated group continues to solidify its strong financial profile through strong investment performance in 2009, though above-average market risk and lackluster underwriting performance partially mitigate this strength. We are affirming our ratings on Fairfax Financial and its core insurance subsidiaries. The outlook on all of the companies is stable, reflecting our expectation for their financial profile to remain strong. SAN FRANCISCO (Standard&Poor's) Nov. 20, 2009--Standard&Poor's Ratings Services today said it raised its counterparty credit and financial strength ratings on Crum&Forster Insurance Co. and related entities
