S&P upgrades outlook of Fairfax Financial Holdings

S&P Global Ratings affirmed its "A-" financial strength rating on Fairfax Financial Holdings and its major subsidiaries, including Odyssey Re and Odyssey Re Europe. The rating agency also affirmed the "BBB-" long-term credit rating of the holding company and Odyssey Group.

The outlook for both ratings shifted from stable to positive.

S&P justifies its decision by the improvement of Fairfax's capitalization, the strengthening of its competitive position as well as recording better results.