Best Rates Odyssey Re Notes, Strength Unchanged

A.M. Best Co. has assigned a senior debt rating of "bbb" to Odyssey Re Holdings Corp's (Odyssey Re) (New York) [NYSE: ORH] $150 million 7.65% senior notes due 2013. Existing debt and shelf ratings of Odyssey Re as well as the financial strength ratings of A (Excellent) for the members of Odyssey Reinsurance Group (Delaware) are unaffected. The rating outlook remains negative, which is attributable to Fairfax Financial Holdings Limited's (Toronto) majority ownership of Odyssey Re. Proceeds of the issuance will be used to support growth at the company's operating subsidiaries, which has been ...