Standard & Poor's Ratings Services said today it placedseveral of the ratings of Toronto-based Fairfax Holdings Ltd. onCreditWatch, with negative implications, following itssecond-quarter financials delay and restatement announcement.
Meanwhile, A.M. Best said all of Fairfax's ratings and outlookswill remain unchanged due to the company's overall generaloperating stability and appropriate capital holdings.
The delay was caused by discovery of accounting errors datingback several years. These errors could result in a drop in retainedearnings and the refiling of prior financial statements, S&Panalyst Damien Magarelli said in a statement.
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