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Fitch: Zenith remains on watch
Fitch Ratings said Zenith National Insurance Corp.'s ratings, including its issuer default rating of BBB+ and Zenith National Insurance Capital Trust I's $58.5 million 8.55% trust preferred securities due Aug. 1, 2028 of BB+, remain on Ratings Watch negative following the closing of its acquisition by Fairfax Financial Holdings Ltd.
The watch will be resolved pending a more comprehensive review of Fairfax and its subsidiaries, including Zenith, Fitch said.
Fairfax Financial Holdings Ltd.'s issuer default rating of BBB- and senior debt of BB+ are unaffected, along with the BB+ rating on its $181 million 7¾% notes due April 15, 2012, BB+ rating on its $91 million 8¼% notes due Oct. 1, 2015, BB+ rating on its $283 million 7¾% notes due June 15, 2017, BB+ rating on its $144 million 7.375% notes due April 15, 2018, BB+ rating in its C$400 million 7½% notes due Aug. 19, 2019, BB+ rating on its $92 million 8.3% notes due April 15, 2026, BB+ rating on its $91 million 7¾% notes due July 15, 2037, BB- rating on its C$250 million series C preferred shares and BB- rating on its C$200 million series E preferred shares.
Also unaffected are Fairfax, Inc.'s issuer default rating of BBB-, Odyssey Re Holdings Corp.'s issuer default rating of BBB, along with the BBB- rating on its $50 million series A unsecured notes due March 15, 2021, BBB- rating on its $50 million series B unsecured notes due March 15, 2016, BBB- rating on its $40 million series C unsecured notes due Dec. 15, 2021, BBB- rating on its $225 million 7.65% notes due Nov. 1, 2013, BBB- rating on its $125 million 6.875% notes due May 1, 2015, BB rating on its $50 million series A preferred shares and BB rating on its $47 million series B preferred shares. Crum & Forster Holdings Corp.'s issuer default rating of BB+ and the BB rating on its $330 million 7¾% due May 1, 2017 also are unaffected.
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