BUSINESS

Buffett's Berkshire Loses Top-Level Credit Rating From Moody's

05/09/2009 05:12 am ET | Updated May 25, 2011

Billionaire Warren Buffett's Berkshire Hathaway Inc. had its top-level Aaa credit rating cut by Moody's Investors Service because of the falling value of stock markets and the impact of the recession on profit.

The rating was cut two levels to Aa2 on "the severe decline in equity markets over the past year as well as the protracted economic recession," Bruce Ballentine, a Moody's analyst, said in a statement about Omaha, Nebraska-based Berkshire.

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