Fairfax Financial Holdings Ltd. (TSX:FFH; Fairfax) has built a very strong and diverse competitive position through organic growth and strategic acquisitions leveraging market opportunities, while benefiting from favorable re/insurance pricing. We expect Fairfax's capitalization to further strengthen and remain redundant at an 'A' confidence level through 2024, from improving earnings and capital management. Fairfax's financial leverage and coverage metrics improved in 2021, and we expect the trend to continue prospectively. We raised our ratings on Fairfax's core re/insurance subsidiaries to 'A' from 'A-'. The stable outlook reflects Fairfax's very strong competitive position supported by operating earnings expansion, strengthening capitalization, and moderating financial leverage. On May 27, 2022, S&P Global Ratings raised its long-term issuer credit rating on Fairfax Financial Holdings
