Our positive outlook was predicated on Fairfax Financial Holdings Ltd. achieving a redundant capitalization at the 'AA' confidence level. While capital management actions are supportive, robust business growth, investment redeployment, and financial markets volatility will make it difficult for the company to achieve the 'AA' capitalization level over the next 12 months. Therefore, we are revising our outlook to stable from positive and affirming all of our ratings on Fairfax and its operating subsidiaries. The stable outlook reflects our view that Fairfax will maintain strong business and financial risk profiles supported by improving re/insurance pricing. On April 3, 2020, S&P Global Ratings revised its outlook to stable from positive on Fairfax Financial Holdings Ltd. (TSX:FFH) and affirmed its 'BBB-' long-term
