NY -- Standard&Poor's CreditWire 2/20/98 -- Standard&Poor's today affirmed its triple-'B'-plus rating on Canadian based Fairfax Financial Holdings Ltd.'s (Fairfax) senior unsecured notes. Standard&Poor's also affirmed its triple-'B'-plus counterparty rating on Fairfax. Additionally, Standard&Poor's revised its CreditWatch implication on Skandia International Insurance Corp.'s (SIIC) triple-'B'-plus claims-paying ability and counterparty ratings to positive from negative. SIIC was placed on CreditWatch with negative implications on Sept. 23, 1997, following an announcement by Hannover Rueckversicherungs-AG of its intention to acquire certain of SIIC's business portfolios. The rating actions follow the announcement that Fairfax plans to acquire SIIC, a Swedish reinsurer, and its remaining business in addition to its U.K. affiliate, Skandia U.K. Insurance Plc (SUKI)
