Fitch rates Fairfax notes B+

Fitch Ratings said it assigned a B+ rating to Fairfax Financial Holdings Ltd.'s $464 million issue of unsecured senior notes due 2022 and affirmed the company's BB- issuer default rating and B+ senior unsecured debt rating.

The outlook is stable.

The offering proceeds are expected to be used to purchase Fairfax's $464 million 7¾% senior notes due April 15, 2012.

The agency expects that Fairfax's debt-to-total capital ratio of about 34% will remain essentially unchanged following the debt exchange.

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