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Buffett Cuts $16 Billion U.S. Municipal Credit Bet in Half

Berkshire Hathaway Inc. will terminate half of its bullish $16 billion bet on the credit quality of U.S. states, cities and towns, and has also cut its exposure to high yield corporate debt, it said in a regulatory filing this month.

By Karen Brettell, Reuters | Updated on August 21, 2012

NEW YORK (Reuters) – Berkshire Hathaway Inc will terminate half of its bullish $16 billion bet on the credit quality of U.S. states, cities and towns, and has also cut its exposure to high yield corporate debt, it said in a regulatory filing this month.

The move comes as many investors including Berkshire Chairman, billionaire investor Warren Buffett, foresee an uptick in U.S. municipal bankruptcies.

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