Moody’s rates Fairfax notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to $750 million of 10-year senior unsecured notes to be issued by Fairfax Financial Holdings Ltd. The notes are being offered to qualified U.S. institutional buyers under Rule 144A of the Securities Act of 1933, with registration rights, and to certain non-U.S. persons under Regulation S.

Moody’s affirmed Fairfax’s Baa3 ratings on Dec. 17.

The company plans to use the proceeds to buy a portion of the non-controlling interests in Allied World Assurance Co. Holdings, Ltd. and any remainder for general corporate purposes.

The outlook for Fairfax is unchanged at stable.

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