Moody's: Fairfax preferreds Ba2

Moody's Investors Service said it assigned a hybrid Ba2 rating to the C$200 million series K rate reset preferred shares to be issued by Fairfax Financial Holdings Ltd.

The outlook is stable.

The size of the issue may be increased to C$250 million at the underwriters' option.

Moody's said proceeds are expected to repay C$86 million of bonds maturing in April 2012 and the balance will supplement the holding company's liquid resources.

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