Moody's ups First Mercury, affirms Crum & Forster

Moody's Investors Service said it upgraded the long-term issuer rating of First Mercury Financial Corp. to Ba1 from Ba2 after the acquisition by Crum & Forster Holdings Corp.

Crum & Forster and First Mercury are wholly owned subsidiaries of Fairfax Financial Holdings (Baa3/stable).

The outlook is stable.

Moody's also affirmed the Ba1 senior unsecured debt rating of Crum & Forster Holdings Corp.

The upgrade of the Ba1 long-term issuer rating of First Mercury's holding company aligns it with Crum & Forster's Ba1 senior debt rating, according to the agency.

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