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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 | Continued
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