May 28, 2008
Fitch upgrades Fairfax Financial on reduced leverage
Fitch upgrading Fairfax Financial is a good sign, with any luck, some of the other ratings agencies will also follow suit.
SAN FRANCISCO (MarketWatch) — Fitch Ratings said Tuesday it upgraded the ratings of Fairfax Financial Holdings Ltd. (:280.05, +0.05, +0.0%) . The ratings agency upped Fairfax’s issuer default rating to BBB- from BB+, and its senior debt rating to BB+ from BB. The outlook is stable. Fitch attributed the upgrades to Fairfax’s reduced financial leverage, increased cash position, favorable interest coverage and stable runoff operations.
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