NEW YORK (Standard&Poor's) March 16, 2006--Standard&Poor's Ratings Services said today that it placed its 'BB' counterparty credit ratings on Fairfax Financial Holdings Ltd. (FFH) and Crum&Forster Holdings Corp. (Crum Holdings) on CreditWatch with negative implications. Standard&Poor's also said that it placed its 'BB-' counterparty credit rating on TIG Holdings Inc. (TIG Holdings) on CreditWatch negative. The counterparty credit and financial strength ratings on the operating insurance company subsidiaries of Crum Holdings and TIG Holdings are not affected by this rating action. "We put these ratings on CreditWatch negative in response to the announcement by FFH that it will delay filing its 2005 annual report," explained Standard&Poor's credit analyst Damien Magarelli.
