Polish Re Outlook Revised To Negative After Action On #BBB+# Rating Affirmed

Stocks and Financial Services Press Releases Wednesday February 25, 2015 17:31
MOSCOW--25 Feb--Standard & Poor's

MOSCOW (Standard & Poor's) Feb. 25, 2015--Standard & Poor's Ratings Servicessaid today that it has revised its outlook on Polskie Towarzystwo ReasekuracjiS.A. (Polish Re) to negative from stable. At the same time, we affirmed our'BBB+' insurer financial strength and counterparty credit ratings on PolishRe.

The rating action mirrors a similar action on Fairfax Financial Holdings Ltd.(Fairfax Group) and its core insurance affiliates, which was triggered by apotentially significant reduction in the group's capital adequacy, as measuredby our proprietary capital model, following an agreement to acquire Brit PLC

for about $1.88 billion (see "Fairfax Financial 'BBB-' Rating Outlook RevisedTo Negative On Potential Capital Decline After Brit PLC Buy," Feb. 18, 2015).

The 'BBB+' long-term counterparty credit and insurer financial strengthratings on Polish Re incorporate a two-notch uplift from our assessment of itsstand-alone credit profile (SACP) of 'bbb-', but this is capped at one notchbelow the rating on the parent. This reflects our view of Polish Re's

strategic importance to Fairfax Group.
In our view, this importance stems from Polish Re's role as a vehicle tomaintain and, over the medium-to-long term, further develop its reinsurancepresence in Central and Eastern Europe.
The negative outlook mirrors that on the parent, Fairfax Group.
A negative rating action on Fairfax Group or a change in our assessment ofFairfax Group's support for Polish Re could result in a negative rating actionon Polish Re.
We could revise outlook to stable following a similar rating action on theparent.

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