Moody’s lifts Fairfax Financial

Moody's Investors Service said it upgraded the senior unsecured debt ratings of Fairfax Financial Holdings Ltd. and the backed senior unsecured debt rating of its wholly owned financing subsidiary, Fairfax (US) Inc., to Baa2 from Baa3.

The agency said the action reflects the company's improved market position and franchise, consistent underwriting profitability and recent shift in investment portfolio mix that reduces earnings volatility.

Moody's also upgraded Fairfax's preferred stock ratings to Ba1 (hyb) from Ba2 (hyb) and preferred stock non-cumulative rating to Ba1 (hyb) from Ba2 (hyb).

The outlook is stable.

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