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S&P affirms Fairfax
Standard & Poor's said it affirmed its A- counterparty credit and financial strength ratings on the core insurance and reinsurance companies of Fairfax Financial Holdings Ltd.
At the same time, S&P said it affirmed its BBB- counterparty credit rating on ultimate parent Fairfax Financial Holdings and its intermediary holding companies. S&P said it revised its outlook on both sets of ratings to positive from stable.
"The group is successfully leveraging its growing insurance business platform and related balance sheet assets, which has resulted in a significantly above-average long-term investment performance," said S&P credit analyst Pablo Feldman in a news release.
Although the company is not immune to investment losses in a particular year, continued long-term above-average performance relative to common bond and equity performance benchmarks could contribute to sustaining higher credit ratings, the agency said.
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