Following a review under our revised insurance criteria, we are affirming our ratings on Fairfax and its core subsidiaries. The ratings predominantly reflect our view of the group's strong business and financial risk profiles, based on its strong competitive position and very strong capital and earnings. We have revised our outlook to stable from positive based on our view that Fairfax will gradually improve its underwriting results and fixed-charge coverage metrics but not enough to warrant an upgrade in the near term. On July 31, 2013, Standard&Poor's Ratings Services affirmed its 'BBB-' long-term counterparty credit rating on Fairfax Financial Holdings Ltd. and its 'A-' financial strength rating on Fairfax's core subsidiaries. We have revised the outlook to stable
