On Oct. 25, 2006, Standard&Poor's Ratings Services affirmed its 'BB' counterparty credit ratings on Fairfax Financial Holdings Ltd. (NYSE:FFH) and Crum&Forster Holdings Corp. and removed them from CreditWatch, where they were placed on July 28, 2006. At the same time, Standard&Poor's affirmed and removed from CreditWatch a number of ratings on FFH's related entities, including the 'BBB' counterparty credit and financial strength ratings on FFH's core operating companies; the 'BB-' counterparty credit rating on TIG Holdings Inc.; the 'A-' counterparty credit and financial strength ratings on Odyssey America Reinsurance Corp., Clearwater Insurance Co., and Hudson Specialty Insurance Co.; and the 'BBB-' counterparty credit rating on Odyssey Re Holding Corp. (NYSE:ORH). The outlook on all
