On May 11, 2007, Standard&Poor's Ratings Services assigned its 'BB' senior debt rating to Fairfax Financial Holdings Ltd.'s (NYSE:FFH; BB/Negative/--) proposed $464.2 million, 7.75% senior notes issuance due in 2022. At the same time, Standard&Poor's assigned its preliminary 'BB' senior unsecured debt, 'B+' subordinated debt, and 'B' preferred stock ratings to FFH's $750 million universal shelf, from which this issue is a drawdown. The new debt issuance is expected to be exchanged for the existing senior notes outstanding of $464.2 million due in 2012, and therefore leverage figures are expected to be stable with zero incremental debt. The interest rate on the existing notes is 7.75% The ratings on FFH and its related core entities reflect
