Standard & Poor's Ratings Services said today it placed several of the ratings of Toronto-based Fairfax Holdings Ltd. on CreditWatch, with negative implications, following its second-quarter financials delay and restatement announcement.
Meanwhile, A.M. Best said all of Fairfax's ratings and outlooks will remain unchanged due to the company's overall general operating stability and appropriate capital holdings.
The delay was caused by discovery of accounting errors dating back several years. These errors could result in a drop in retained earnings and the refiling of prior financial statements, S&P analyst Damien Magarelli said in a statement.
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