Moody's assigns "AAA" rating to Buffett's bond insurer

Berkshire Hathaway Assurance Corp. was established last year to try and win business in the beleaguered bond insurance industry.

Major bond insurers like MBIA Inc. and Ambac Financial Group Inc. have been in a tailspin for months as they scramble to protect their "AAA" ratings. Fitch Ratings downgraded both those companies.

Moody's assigned a "AAA" rating to the company based on its capitalization and the reinsurance provided by Columbia Insurance Co., another Berkshire Hathaway company.