01:16 PM EDT, 05/31/2024 (MT Newswires) -- S&P Global Ratings said Friday that it upgraded ratings on Fairfax Financial Holdings' ( FRFHF ) core re/insurance subsidiaries to "A+" from "A" and on the holding company, Fairfax Financial Holdings ( FRFHF ) to "BBB+" from "BBB".

The upgrade follows S&P's revised criteria for analyzing insurers' risk-based capital.

The implementation of the revised capital model criteria had a positive impact on the rating agency's view of the financial strength of Fairfax Financial Holdings ( FRFHF ) and its re/insurance operating entities.

"The positive outlook signals that we could raise our ratings by one notch in the next 12-24 months if Fairfax successfully manages its capitalization sustainably at the 99.95% confidence level, while meeting or exceeding our expectations of strong and more stable operating earnings, and further reducing its financial leverage," the rating agency said.

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