Fairfax Financial Holdings Ltd. and its subsidiaries' (collectively, FFH) operating earnings outlook is improving as the company redeploys its substantial cash and short-term holdings. Our view of its competitive position has strengthened in the past few years due to the addition of strong operating assets that complement FFH's insurance platform. We are revising our outlook on FFH to positive from stable, and affirming all of our ratings. The positive outlook means that we could upgrade FFH by one notch during the next 24 months if the group improves its fixed charge coverage, supported by a stable-to-declining trend in financial leverage, and maintains very strong capitalization redundant at the 'AA' level. On May 30, 2018, S&P Global Ratings revised the outlook
