Berkshire Hathaway loses triple AAA rating

Billionaire Warren Buffett’s Berkshire Hathaway had its top-level AAA credit rating cut by Fitch, which cited concern about the potential for losses on the insurer’s equity and derivatives holdings, reports Bloomberg. Buffett’s role as chief investment officer also puts the company at risk if he becomes unable to do the job, said Fitch, cutting Berkshire’s so-called issuer default rating to AA+, and senior unsecured debt to AA. The insurance and reinsurance units kept their AAA status, with a negative outlook for all entities. (Many Thanks to FT Alphaville). Fitch Ditches Berkshire Hathaway AAA and Berkshire Sinks After Surprise Downgrade (BRK, GE)