Fairfax Financial Holdings Ltd.'s $750 Million Senior Unsecured Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) Aug. 12, 2022--S&P Global Ratings today said it assigned its 'BBB' issue rating to Fairfax Financial Holdings Ltd.'s (BBB/Stable/--) 5.625% $750 million senior unsecured notes due 2032. The company intends to use substantially all of the net proceeds of this offering to purchase a portion of the noncontrolling interests in Allied World Assurance Co. Holdings Ltd. and will use any remainder for general corporate purposes. At the end of the second quarter of 2022, Fairfax's financial leverage on a consolidated basis and deconsolidated (excluding nonrecourse debt) basis was 36.1% and 32.2%, compared with 34.3% and 30.9%, respectively, at the end of 2021. The increase from year-end 2021 primarily owed to unrealized losses of $2.2 billion

...August 12, 2022 NEW YORK (S&P Global Ratings) Aug. 12, 2022--S&P Global Ratings today said it assigned its '###' issue rating to Fairfax Financial Holdings Ltd.'s (###/Stable/--) 5.625% $750 million senior unsecured notes due 2032. The company intends to use substantially all of the net proceeds of this offering to purchase a portion of the noncontrolling interests in Allied World Assurance Co. Holdings Ltd. and will use any remainder for general corporate purposes. At the end of the second quarter of 2022, Fairfax's financial leverage on a consolidated basis and deconsolidated (excluding nonrecourse debt) basis was 36.1% and 32.2%, compared with 34.3% and 30.9%, respectively, at the end of 2021. The increase from year-end 2021 primarily owed to unrealized losses of $2.2 billion in the first six months of 2022 and the subsequent impact on shareholders' equity. Common shareholders' equity dropped to $13.9 billion at the end of June 2022 from $15.0 billion at year-end 2021. The unrealized...

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