On July 28, 2006, Standard&Poor's Ratings Services placed a number of its ratings on CreditWatch with negative implications, including its: 'BB' counterparty credit ratings on Fairfax Financial Holdings Ltd. (NYSE:FFH) and Crum&Forster Holdings Corp. 'BB-' counterparty credit rating on TIG Holdings Inc. (TIG Holdings). Various counterparty credit and financial strength ratings on Fairfax's operating insurance company subsidiaries. 'BBB-' counterparty credit rating on Odyssey Re Holding Corp. (NYSE:ORH). 'A-' counterparty credit and financial strength ratings on Odyssey America Reinsurance Corp., Clearwater Insurance Co., and Hudson Specialty Insurance Co. and 'A-' financial strength rating on Falcon Insurance Co. (Hong Kong) Ltd. These ratings were placed on CreditWatch negative in response to the announcement by FFH that it will
