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Moody’s Cuts Berkshire Hathaway’s Aaa Credit Rating
Moody’s Investors Service (MCO), today (Thursday) cut Berkshire Hathaway Inc.’s (BRK.A, BRK.B) top-level Aaa credit rating by two notches, despite Berkshire chief Warren Buffett’s status as the ratings agency’s biggest shareholder.
Moody’s was the last major ratings agency to downgrade the Berkshire, after Fitch Ratings Inc. stripped the company of its top rating almost four weeks ago, saying it believed “AAA ratings are not appropriate at the holding company level for financial-oriented enterprises.”
Standard & Poor’s Inc. followed two weeks later with an announcement it had placed Berkshire’s credit under review.
With the cut to Berkshire’s rating Moody’s no longer has a Aaa…
10Apr2009 | Money Morning | 0 comments | ContinuedBuffett Reignites Berkshire Hathaway with a $4 Billion Spending Spree
Not even Warren Buffett was immune to the stock market’s rampant first-half gyrations, as Berkshire Hathaway Inc. (BRK.A, BRK.B) notched its worst first half in 18 years, with the shares skidding more than 16%. But only a fool would count out the great Oracle of Omaha, who has spent the past several months restructuring his company’s portfolio and is now ready to come out swinging for the year’s second half.
As Money Morning’s Horacio Marquez noted in his most recent “Buy, Sell, or Hold†feature, Berkshire Hathaway has had a tough start for the year.
The company’s net earnings for the first half were…
27Aug2008 | Money Morning | Comments Off | Continued
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