On March 16, 2006, Standard&Poor's Ratings Services placed its 'BB' counterparty credit ratings on Fairfax Financial Holdings Ltd. (FFH) and Crum&Forster Holdings Corp. (Crum Holdings) on CreditWatch with negative implications. At the same time, Standard&Poor's placed its 'BB-' counterparty credit rating on TIG Holdings Inc. (TIG Holdings) on CreditWatch negative.The counterparty credit and financial strength ratings on the operating insurance company subsidiaries of Crum Holdings and TIG Holdings are not affected by this rating action. These ratings were placed on CreditWatch negative in response to the announcement by FFH that it will delay filing its 2005 annual report. The delay is being caused by the announcement by its 80%-owned affiliate, Odyssey Re Holdings Corp.
