On Aug. 26, 2003, Standard&Poor's Ratings Services revised its outlook on Fairfax Financial Holdings Ltd. (NYSE:FFH) and related entities (see list) to stable from negative. At the same time, Standard&Poor's affirmed its ratings on these companies. These actions are based on Standard&Poor's ongoing surveillance of the organization's liquidity management, underwriting results, and reserve adequacy. The decision to revise the outlook to stable was primarily driven by Fairfax's management's ability to adequately address Standard&Poor's previous concerns about liquidity. In the second quarter of 2003, Fairfax raised about C$643 million of proceeds from the IPO of its majority-owned subsidiary, Northbridge Financial Corp., and the issuance of debt from its wholly owned subsidiary, Crum&
