Moody's 11:01 AM EDT, 08/12/2022 (MT Newswires) -- Moody's on Thursday assigned a Baa3 rating to $750 million of 10-year senior unsecured notes to be issued by Fairfax Financial Holdings Ltd. (FFH.TO).
The company plans to use net proceeds to buy a portion of the non-controlling interests in Allied World Assurance Co. Holdings Ltd., and any remaining proceeds for general corporate purposes.
"Fairfax's ratings reflect the group's diversified insurance and reinsurance revenue streams by product and geography, a well-established market position in reinsurance, good underwriting profitability and a high level of cash and marketable securities at the holding company," the rating agency said.
The company's stock fell 1.7% on last look on Friday.
Price: 656.18, Change: -9.52, Percent Change: -1.43