NEW YORK (Standard&Poor's) June 9, 2008--Standard&Poor's Ratings Services said today that it raised its counterparty credit and financial strength ratings on Fairfax Financial Holdings Ltd.'s (FFH) operating insurance companies (collectively, Fairfax) to 'BBB+' from 'BBB', and also raised its ratings on FFH and Crum&Forster Holdings Corp. (Crum&Forster) to 'BB+' from 'BB'. The outlook is stable. "The upgrade is based on strong earnings in 2007 and in 2008 relative to peers," said Standard&Poor's credit analyst Damien Magarelli. "Previously restrictive negative ratings factors are still viewed negatively, but no longer limit the rating to the same degree: governance has improved, ERM remains adequate, and reserves and reinsurance recoverables are not as great
