Berkshire Hathaway downgraded by Moody’s
Moody’s Investors Service has downgraded its rating for Berkshire Hathaway flagship reinsurer National Indemnity Company from Aaa to Aa1 and dropped the issuer default rating (IDR) for its parent company from Aaa to Aa2.
Berkshire’s other major insurance subsidiaries were downgraded to Aa1 from Aaa.
The outlook for all the ratings is stable. Moody’s says the rating actions reflect the impact of the equity market downturn and the recession.
Berkshire retains its AAA Standard & Poor’s rating, although the outlook was changed to negative last month.
Fitch Ratings downgraded Berkshire’s IDR from AAA to AA+ with a negative outlook last month.
Berkshire’s other major insurance subsidiaries were downgraded to Aa1 from Aaa.
The outlook for all the ratings is stable. Moody’s says the rating actions reflect the impact of the equity market downturn and the recession.
Berkshire retains its AAA Standard & Poor’s rating, although the outlook was changed to negative last month.
Fitch Ratings downgraded Berkshire’s IDR from AAA to AA+ with a negative outlook last month.