SAN FRANCISCO (Standard&Poor's) Jan. 28, 2009--Standard&Poor's Ratings Services today said it raised its counterparty credit and senior unsecured debt ratings on Toronto-based Fairfax Financial Holdings Ltd. to 'BBB-' from 'BB+'. The outlook is stable. "The upgrade reflects our enhanced view of the company's credit profile, which benefits from its increasing ownership of Toronto-based Northbridge Financial as well as from its improved financial flexibility resulting from significant investment gains during a period of challenging economic conditions," said Standard&Poor's credit analyst Michael Gross. Fairfax's competitive position is specifically enhanced by its increasing ownership of Toronto-based Northbridge Financial and its intent to secure 100% ownership in early 2009, subject to shareholder approval. Through its investment expertise, Fairfax
