S&P rates Fairfax Financial notes BBB-, preferreds BB

Standard & Poor’s said it assigned its BBB- debt rating to Fairfax Financial Holdings Ltd.’s C$350 million 4.95% senior unsecured notes due 2025 and assigned a BB local currency and P-3 Canada National Scale rating to the company’s C$200 million series M five-year rate reset preferred stock offering.

Fairfax expects to use the proceeds from the notes and the preferred stock to partially fund the previously announced proposed acquisition of Brit plc. The company also plans to fund part of the acquisition through the recently announced issuance of C$650 million of subordinate voting shares.

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