Fitch Rates Crum & Forster Senior Notes 'B+'.CHICAGO -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned a 'B+' rating to Crum & Forster Holdings Corp.'s (C&F) $330 million issue of unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. senior notes due 2017. Fitch fitch: see polecat. has also affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. C&F's 'BB-' Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) and 'B+' senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. rating. C&F is a wholly-owned subsidiary of Fairfax Financial Holdings Fairfax Financial Holdings Limited TSX: FFH.SV NYSE: FFH is a Toronto, Ontario based financial services holding company which, through its subsidiaries, is engaged in property, casualty and life insurance and reinsurance, investment management and insurance claims Limited (Fairfax). The ratings of Fairfax and its other holding company and insurance company subsidiaries are not affected by this action. (See complete list of ratings below.) The Rating Outlook is Stable. The offering proceeds are expected to be used to purchase C&F's $300 million 10.375% senior notes due June 15, 2013. The company's debt to total capital ratio of about 20% at year-end 2006 is expected to remain essentially unchanged following the refinancing Refinancing An extension and/or increase in amount of existing debt. . Fitch assigns the following rating with a Stable Outlook: Crum & Forster Holdings Corp. --$330 million unsecured due May 1, 2017 'B+'. Fitch affirms the following ratings, with a Stable Outlook: --Issuer Default Rating (IDR) 'BB-'; --$300 million unsecured due June 15, 2013 'B+'. The following ratings remain unchanged by Fitch: Fairfax Financial Holdings Limited --Issuer Default Rating (IDR) 'BB-'; --$62 million unsecured due April 15, 2008 'B+'; --$464 million unsecured due April 15, 2012 'B+'; --$100 million unsecured due Oct. 1, 2015 'B+'; --$184 million unsecured due April 15, 2018 'B+'; --$92 million unsecured due April 15, 2026 'B+'; --$91 million unsecured due July 15, 2037 'B+'; --$135 million convertible due July 15, 2023 'B+'. Fairfax, Inc. --Issuer Default Rating (IDR) 'BB-'; Odyssey Re Holdings Corp.: --Issuer Default Rating (IDR) 'BBB-'; --$50 million series A unsecured due March 15, 2021 'BB+'; --$50 million series B unsecured due March 15, 2016 'BB+'; --$40 million series C unsecured due Dec. 15, 2021 'BB+'; --$24 million convertible due June 22, 2022 'BB+'; --$225 million unsecured due Nov. 1, 2013 'BB+'; --$125 million unsecured due May 1, 2015 'BB+'; --$50 million series A preferred shares 'BB'; --$50 million series B preferred shares 'BB'. Odyssey Re Group: Odyssey America Reinsurance Corporation Clearwater Insurance Company --Insurer financial strength 'BBB+'. TIG Holdings, Inc. --Issuer Default Rating (IDR) 'BB-'; --TIG Capital Trust I $18 million trust preferred stock due 2027 'B'. TIG Insurance Group: TIG Indemnity Company TIG Insurance Company TIG Specialty Insurance Company --Insurer financial strength 'BB+'. Crum & Forster Insurance Group: Crum & Forster Insurance Company Crum & Forster Indemnity Company The North River Insurance Company United States Fire Insurance Company --Insurer financial strength 'BBB-'. Northbridge Financial Insurance Group: Commonwealth Insurance Company Commonwealth Insurance Company of America Federated Insurance Company of Canada Lombard General Insurance Company of Canada Lombard Insurance Company Markel Insurance Company of Canada Zenith Insurance Co. (Canada) --Insurer financial strength 'BBB'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion