11:19 AM EDT, 03/21/2024 (MT Newswires) -- S&P Global Ratings said Wednesday that it assigned its BBB issue rating to Fairfax Financial Holdings Ltd.'s ( FRFHF ) 6.35% $1 billion senior unsecured notes due 2054.

The company plans to use the net proceeds for general corporate purposes.

"We forecast strong operating results, which we expect will help maintain Fairfax's financial leverage below 35% on a consolidated basis and below 30% on a deconsolidated basis through 2025, in line with our initial expectations. EBITDA fixed charge coverage will likewise be unchanged from our previous forecast of at least 4x through 2025," the rating agency said.

The company's stock was up 1.4% on last look on Thursday.

Price: 1538.45, Change: +18.30, Percent Change: +1.20