Fitch rates Fairfax preferreds BB

Fitch Ratings said it assigned a BB rating to Fairfax Financial Holdings Ltd.'s C$250 million issue of cumulative five-year rate reset preferred shares, series G.

The issuer default rating is BBB and senior debt rating is BBB-.

The outlook is stable.

Proceeds will be used to augment the company's cash position, to increase short-term investments and marketable securities held at the holding company level, to retire outstanding debt and other corporate obligations from time to time, and for general corporate purposes.

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