NEW YORK (Standard&Poor's) Aug. 26, 2003--Standard&Poor's Ratings Services said today that it revised its outlook on Fairfax Financial Holdings Ltd. (NYSE:FFH) and related entities (see list) to stable from negative based on Standard&Poor's ongoing surveillance of the organization's liquidity management, underwriting results, and reserve adequacy. Standard&Poor's also said that it affirmed its ratings on these companies, including its 'BB' counterparty credit rating on Fairfax. "The decision to revise the outlook to stable was primarily driven by Fairfax's management's ability to adequately address liquidity concerns," explained Standard&Poor's credit analyst Matthew T. Coyle. In the second quarter of 2003, Fairfax raised about C$643 million of proceeds from the IPO of its majority-owned
