Reuters reports that credit-rating agency Standard &
Poor's on Thursday cut its rating on Berkshire Hathaway Inc , the insurance and
industrial conglomerate controlled by billionaire investor Warren Buffett, one
notch, citing the company's reliance on its insurance operations for dividend
income.
S&P cut the counterparty rating on Berkshire to
"AA" from "AA+," but the agency left Berkshire's insurance
units' financial strength ratings intact at "AA+."
"The lower credit rating on BRK better reflects our
view of BRK's dependence on its core insurance operations for most of its
dividend income," said Standard & Poor's analyst John Iten….
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