Moody’s Investors Service lowered its credit rating for Warren Buffett’s Berkshire Hathaway holding company along with that of a pair of its subsidiaries on Wednesday.
It lowered the company’s rating from Aaa to Aa2. Moody’s also lowered the ratings of a pair of subsidiaries to Aa1. The company’s reinsurance subsidiary National Indemnity Co and bond insurance firm Berkshire Hathaway Assurance Corp.
Moody’s said the recession and investment losses at the subsidiaries had reduced their ability to support funding needs, Reuters reported