NEW YORK (Standard&Poor's CreditWire) March 11, 1999--Standard&Poor's today assigned its triple-`B'-plus rating to Fairfax Financial Holdings Ltd.'s US$275 million 7 3/8% senior unsecured notes. The company's counterparty credit rating is triple-`B'-plus. Proceeds from the issue primarily will be used to finance the previously announced acquisition of TIG Holdings Inc., supplementing C$960 million raised through a previously completed issue of subscription receipts for Fairfax shares. Standard&Poor's expects the remaining proceeds to be used to strengthen Fairfax's cash levels and short-term investments at the holding company level. The rating reflects the strength of Fairfax's diverse and profitable operations, better-than-average capitalization, and adequate ability to service debt obligations. Offsetting these strengths are the company's appetite for acquisitions
