Fairfax Financial Holdings Ltd.'s $600 Million Senior Unsecured Notes Rated 'BBB-'

TORONTO (S&P Global Ratings) March 2, 2021--S&P Global Ratings said today it assigned its 'BBB-' issue-level rating to Fairfax Financial Holdings Ltd.'s (TSX:FFH; BBB-/Stable/--) 3.375% $600 million senior unsecured notes due 2031. We expect the proceeds will be primarily used to redeem existing debt and for general corporate purposes. As of year-end 2020, financial leverage (excluding nonrecourse debt and financial obligations at non-insurance operations) was about 38%. On a pro forma basis, combined with the C$850 million notes announced on Feb. 25, 2021, we expect FFH's leverage ratio will remain flat-to-marginally increase, and fixed-charge coverage will benefit slightly. For 2021-2022, we expect financial leverage to be less than 35% and the coverage ratio to be greater than 4x, supported by

...March 2, 2021 TORONTO (S&P Global Ratings) March 2, 2021--S&P Global Ratings said today it assigned its '###-' issue-level rating to Fairfax Financial Holdings Ltd.'s (TSX:FFH; ###-/Stable/--) 3.375% $600 million senior unsecured notes due 2031. We expect the proceeds will be primarily used to redeem existing debt and for general corporate purposes. As of year-end 2020, financial leverage (excluding nonrecourse debt and financial obligations at non-insurance operations) was about 38%. On a pro forma basis, combined with the C$850 million notes announced on Feb. 25, 2021, we expect FFH's leverage ratio will remain flat-to-marginally increase, and fixed-charge coverage will benefit slightly. For 2021-2022, we expect financial leverage to be less than 35% and the coverage ratio to be greater than 4x, supported by a reduction in $700 million of the amount outstanding under the credit facility, which the company drew on early in 2020 as a precautionary measure....

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