OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” (Good) to the recently issued $400 million 6% senior unsecured notes, due December 2033 of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada). The outlook assigned to the Credit Rating (rating) is stable.
The Long-Term Issuer Credit Rating of Fairfax, as well as the ratings of its operating subsidiaries and all other debt issuances are unchanged. Fairfax intends to use substantially all of the net proceeds of the offering to repay outstanding indebtedness with upcoming maturities and use any remainder for repayment of other outstanding indebtedness of Fairfax or its subsidiaries and for general corporate purposes.
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