Fitch rates Fairfax notes BBB-

Fitch Ratings said it assigned a BBB- rating to Fairfax Financial Holdings Ltd.'s new C$200 million issue of 5.84% senior notes due 2022.

The agency said it also affirmed the ratings of Fairfax and its subsidiaries. The outlook is stable.

According to Fitch, Fairfax intends to use the net proceeds of the offering to augment its cash position, to increase short-term investments and marketable securities held at the holding company level, to retire outstanding debt and for general corporate purposes.

The agency said its rationale for the affirmation of Fairfax's ratings reflects the company's sizable cash position and favorable financial flexibility.

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