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S&P Global Ratings upgrades Zenith Insurance, ZNAT Insurance

S&P Global Ratings raised the financial strength and long-termcounterparty credit ratings on ZenithInsurance Co. and ZNATInsurance Co. to A- from BBB+.

The rating agency also raised its long-term counterparty creditrating on Zenith National InsuranceCorp., the intermediate holding company for Zenith Insurance and ZNATInsurance, to BBB- from BB+. The companies are wholly owned insurance subsidiariesof Fairfax Financial Holdings Ltd.

The outlook is stable.

S&P credit analyst John Iten said in a news release thatthe upgrades reflect the agency's decision to change the group status of ZenithInsurance and ZNAT within the Fairfax group to core from highly strategically important.The change in group status reflects the companies' substantially improved underwritingperformance since their acquisition in 2010 and increased integration of their underwriting,investment and risk-management operations with the other Fairfax insurance entities.The stable outlook reflects the rating agency's outlook on Fairfax.

S&P Global Ratingsand Global Market Intelligence are owned by S&P Global Inc.