S&P rates Berkshire Hathaway notes AA

Standard & Poor's said it assigned its AA issue-level debt rating to Berkshire Hathaway Inc.'s new $750 million senior unsecured notes.

The company will use the net proceeds repayment of $750 million of floating-rate senior unsecured notes maturing on Aug. 15, 2014.

The agency also said it assigned its AA issue-level debt rating to Berkshire Hathaway Finance Corp.'s new $400 million senior unsecured floating-rate notes. The new issuance will replace its $400 million 5.1% senior notes that matured on July 15, 2014. Berkshire Hathaway Inc. fully guarantees this new note issue.

Berkshire Hathaway uses Berkshire Hathaway Finance’s borrowings to fund the operations of Vanderbilt Mortgage & Finance Inc., a wholly owned subsidiary of Clayton Homes Inc., a vertically integrated manufactured housing company.

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