...TORONTO (S&P Global Ratings) March 22, 2018--S&P Global Ratings today said it assigned its '###-' issue-level rating to Fairfax Financial Holdings Ltd.'s (TSX: FFH) issuance of 2.75% 600 million senior unsecured notes due 2028. The issuer credit rating on FFH is unchanged at '###-'. FFH intends to use the net proceeds from this offering to refinance or repay outstanding debt or other corporate obligations of FFH or its subsidiaries and for general corporate purposes. We do not expect this debt issuance to materially increase its financial leverage and also expect the coverage ratio to somewhat improve on a pro forma basis, considering the lower coupon compared to the debt that is likely to be refinanced or repaid. As of Dec. 31, 2017, FFH's consolidated financial leverage was approximately 35% and fixed charge coverage of 0.5x. Assuming normalized catastrophe losses, we expect the fixed charge coverage ratio to be in the range of 2x-4x. For full-year 2017, FFH reported pretax operating...
