On Sept. 3, 2009, Standard&Poor's Ratings Services assigned its preliminary 'BBB-' senior unsecured debt, 'BB+' subordinated unsecured debt, and 'BB' preferred shares ratings to Fairfax Financial Holdings Ltd.'s US$1 billion universal shelf, which was filed on Aug. 31, 2009. In connection with the filing, Fairfax has withdrawn its previous existing base shelf prospectus, dated April 25, 2008. The ratings reflect Fairfax's strong business and financial profile. Fairfax--through its insurance operating subsidiaries, including Northbridge Financial, Crum&Forster, and Odyssey Reinsurance--maintains a competitive presence in the North American commercial insurance marketplace as well as the global reinsurance market. The company reported consolidated pretax operating income of US$373 million for the first half of 2009, a satisfactory combined loss and
