On Dec. 16, 2002, Standard&Poor's Ratings Services affirmed its counterparty credit and other ratings on Fairfax Financial Holdings Ltd. (Fairfax) and its affiliates (see ratings list). In addition the outlook has been revised to negative from stable. Standard&Poor's also lowered its counterparty credit and financial strength ratings on TIG Insurance Co. (TIC) and its affiliates. The outlook is negative. At the same time, Standard&Poor's affirmed its counterparty credit and financial strength ratings on TIG Holdings Inc. (TIG) but the outlook has been revised to negative from stable. These ratings actions follow Fairfax's earlier announcement whereby the company will be placing (TIC) into run-off as part of a broad restructuring plan. As part of the
