Street Capitalist: Event Driven Value Investments

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Street Capitalist: Event Driven Value Investments

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. (FFH: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.

via MarketWatch

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Tariq Ali is studying Economics at the University of Texas at Austin, where he also operates a non-profit microfinance organization called TEEXAS.org. In his investing, Tariq draws upon the knowledge and experience of the great investors of our time, including Benjamin Graham, Warren Buffett, Joel Greenblatt, and George Soros. Tariq is actively pursuing a career in finance.


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Current Portfolio Holdings

My current positions, these are subject to change.

  • Fairfax Financial Holdings Limited (FFH) - through its subsidiaries, is engaged in property and casualty insurance and reinsurance, investment management and insurance claims management. The Company’s business segments comprises Canadian Insurance, United States Insurance, Asian Insurance, Reinsurance, Runoff and Other.
  • Air Transport Services Group Inc. (ATSG) - formerly ABX Holdings Inc., is a holding company whose principal subsidiaries include three independently United States-certificated airlines: ABX Air, Inc. (ABX), Capital Cargo International Airlines, Inc. and Air Transport International, LLC.
  • The Mosaic Company (MOS) - is a producer of phosphate and potash combined, as well as nitrogen and animal feed ingredients. The Company operates its business through four business segments: phosphates, potash, offshore and nitrogen.
  • The Steak N Shake (SNS) - The Steak n Shake Company (Steak n Shake) is engaged in the ownership, operation and franchising of Steak n Shake restaurants. During the fiscal year ended September 26, 2007 (fiscal 2007), Steak n Shake had 435 Company-owned restaurants and 56 franchised restaurants located in 21 states.

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