Warren Buffett's Berkshire Hathaway Inc. had its credit rating cut one notch by Standard & Poor's, which cited a new methodology for evaluating insurers and Berkshire's dependence on its insurance business for dividend income.
The rating was cut to “AA” from “AA-plus,” and S&P assigned a “negative” outlook, suggesting another cut could occur within a few years. S&P left its credit and financial strength ratings for Berkshire's insurance operating units at “AA-plus.”
The May 16 downgrade brings S&P's rating in line with the “Aa2″ rating that Berkshire holds from Moody's Investors Service. Those ratings are the agencies' third-highest.
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