SAN FRANCISCO (Standard&Poor's) Sept. 29, 2009--Standard&Poor's Ratings Services said today that it assigned its Canadian 'P-3' preferred shares rating to Fairfax Financial Holdings Ltd.'s issuance of up to C$400 million in preferred shares. Fairfax will issue the preferred shares off of its current US$2 billion universal shelf filing, and it will use the proceeds to augment its cash position, to increase short-term investments and marketable securities held at the holding-company level, to retire outstanding debt and other corporate obligations from time to time, and for general corporate purposes. The ratings on Fairfax reflect its strong business and financial profile. Fairfax--through its insurance operating subsidiaries, including Northbridge Financial, Crum&Forster, and Odyssey Reinsurance--maintains a competitive presence
