On March 23, 2004, Standard&Poor's Ratings Services affirmed its 'BBB' counterparty credit and financial strength ratings on Fairfax Financial Holdings Ltd.'s (FFH) ongoing operating insurance companies and its 'BB' counterparty credit and financial strength ratings on TIG Holdings Inc.'s runoff subsidiaries. At the same time, Standard&Poor's affirmed its 'BB' counterparty credit ratings on FFH and Crum&Forster Holdings Corp. and its 'BB-' counterparty credit rating on TIG Holdings Inc. The outlook on all these companies is stable. In addition, Standard&Poor's assigned its 'BB' senior debt rating to FFH's debt-exchange offer, which may offer up to $545 million in new senior notes. The debt-exchange offer is aimed at refinancing existing debt obligations of FFH
