SAN FRANCISCO (Standard&Poor's) Sept. 22, 2009--Standard&Poor's Ratings Services today said it assigned its preliminary 'BBB-' senior unsecured debt, 'BB+' subordinated unsecured debt, and 'BB' preferred shares ratings on Fairfax Financial Holdings Ltd.'s US$2 billion universal shelf, which was filed on Sept. 18, 2009. Fairfax exhausted its prior Aug. 31, 2009, US$1 billion shelf to fund the pending acquisition of the outstanding common shares of Odyssey Re that it currently does not own. Standard&Poor's is unaware of any new strategic expansion initiatives that would require an immediate draw upon the new shelf. The ratings reflect Fairfax's strong business and financial profile. Fairfax, through its insurance operating subsidiaries, including Northbridge Financial, Crum&Forster, and Odyssey
