counterparty credit and insurer financial strength ratings on Odyssey Re (London) Ltd. and Odyssey Re (Bermuda) Ltd. with a stable outlook.

The ratings are based on companies' strategic importance to the Fairfax Financial Holdings Ltd. S&P stated. Fairfax is a Canada-based financial services group which bought Bermuda-based Sphere Drake Underwriting Management (Bermuda) Ltd. and renamed the London and Bermuda operations.

S&P stated that the Bermuda subsidiary rating was based on the company's "extremely'' strong capitalisation and strategic importance to Fairfax.