NEW YORK (Standard&Poor's) March 14, 2012--Standard&Poor's Ratings Services said today that it assigned its 'BB' global scale and 'P-3' Canadian scale ratings to Toronto-based Fairfax Financial Holdings Ltd.'s pending issuance of up to C$200 million in preferred shares, with an option on an additional C$50 million available to the underwriters. Fairfax intends to issue the preferred shares from its current $2 billion universal shelf filing. We believe the company will use the proceeds to augment its cash position, to increase short-term investments and marketable securities held at the holding company, to retire outstanding debt and other corporate obligations, and for general corporate purposes. Fairfax, through its insurance operating subsidiaries--including Odyssey Reinsurance, Northbridge Financial units, Crum&
