S&P rates Berkshire notes AAA

Standard & Poor's said it assigned an AAA senior debt rating to Berkshire Hathaway Finance Corp.'s $2 billion senior notes offering, consisting of $1.5 billion floating-rate notes due Jan. 11, 2011 and $500 million fixed-rate notes due Jan. 15, 2013.

According to S&P, the rating is based on Berkshire Hathaway Inc.'s capitalization, competitive position and financial flexibility as well as operating performance.

Offsetting these strengths are concerns about exposure to large loss events, investment concentrations and exposure to adverse reserve development due to the assumption of retroactive risks, the agency said.

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