On April 3, 2006, Standard&Poor's Ratings Services removed its 'BB' counterparty credit ratings on Fairfax Financial Holdings Ltd. (FFH) and Crum&Forster Holdings Corp. (Crum Holdings) from CreditWatch negative and affirmed the ratings. At the same time, Standard&Poor's removed its 'BB-' counterparty credit rating on TIG Holdings Inc. (TIG Holdings) from CreditWatch negative and affirmed the ratings. Also, Standard&Poor's revised its outlook on Fairfax Financial Holdings Ltd.'s (FFH) ongoing operating insurance companies (collectively, Fairfax) to stable from positive and affirmed its 'BBB' counterparty credit and financial strength ratings on the companies. The outlook on all these companies is stable. These holding company ratings were placed on CreditWatch negative in response to the announcement
