Home Credit Ratings and Research S&P Global Ratings’ Credit Research Fairfax Financial Holdings Ltd.

Fairfax Sr Debt Afmd; Sphere Drake CPA Rtg on S&PWatch,Pos

Published Jun 23, 1997

About This Report

Abstract:

NY -- Standard&Poor's CreditWire 6/23/97 -- Standard&Poor's today has affirmed its triple-'B'-plus senior debt rating of Canadian-based Fairfax Financial Holdings LTD. (Fairfax) following the announcement that the company is acquiring 100% of the outstanding stock of Sphere Drake Holdings LTD. and its principal insurance subsidiaries Sphere Drake Insurance PLC and Sphere Drake Insurance (Bermuda) LTD. for a purchase price of approximately $221 million (CN$298 million). Total debt of $325 million (CN$438.8 million) is affected. At the same time, the triple-'B' claims-paying ability and counterparty credit ratings of Sphere Drake Insurance PLC and Sphere Drake Insurance (Bermuda) LTD are placed on CreditWatch with positive implications. These rating actions are contingent upon Fairfax's success in raising equity to

Report Type:

Ratings Action

Ticker

FFH@CN

Issuer

Fairfax Financial Holdings Ltd.

GICS

Multi-line Insurance (40301030)

Sector

Global Issuers

Country

Canada

Region

Canada

Format:

HTML

Fairfax Fincl Hldgs 144A Sr Unsecd Nts Rtd BBB+ by S&P – 1997/08/01 – US$ 150.00

Fairfax Financial Hldngs Rtg Afmd;SIIC to S&PWatch Pos – 1998/02/20 – US$ 150.00

Fairfax Financial Hldgs,Crum&Forster on S&PWatch,Neg – 1998/03/11 – US$ 150.00

Fairfax Financial Afmd,Crum&Forster Lwrd;Off S&PWatch – 1998/04/06 – US$ 150.00

Lindsey Morden Group's Sr Nts Rtd BBB- by S&P – 1998/05/26 – US$ 150.00

S&P Afms Fairfax Fin Hldgs/Odyssey Rtgs Fol Acq Ancmt – 1996/09/06 – US$ 150.00

Fairfax Fin Hldgs Afmd by S&P;OffWatch;Skandia Acquis – 1996/04/08 – US$ 150.00

Fairfax Fncl,Skandia Amrca Reins Rtgs Put On S&PWatch – 1996/02/21 – US$ 150.00

Fairfax Financial Hldgs BBB+ Sr Debt Affirmed by S&P – 1995/10/06 – US$ 150.00

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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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MLA:	S&P Global Ratings’ Credit Research. "Fairfax Sr Debt Afmd; Sphere Drake CPA Rtg on S&PWatch,Pos" Jun 23, 1997. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Fairfax-Sr-Debt-Afmd-Sphere-Drake-CPA-Rtg-on-S-PWatch-Pos-80149>

APA:	S&P Global Ratings’ Credit Research. (). Fairfax Sr Debt Afmd; Sphere Drake CPA Rtg on S&PWatch,Pos Jun 23, 1997. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Fairfax-Sr-Debt-Afmd-Sphere-Drake-CPA-Rtg-on-S-PWatch-Pos-80149>

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