Moody’s raises Alleghany

Moody's Investors Service said it upgraded the senior debt rating of Alleghany Corp. and intermediate holding company Transatlantic Holdings, Inc. to A1 from Baa1.

These rating actions conclude a review that started March 22, the agency said. The outlook for Alleghany and its subsidiaries was changed to stable from rating under review.

“The upgrade follows the acquisition of Alleghany by Berkshire Hathaway Inc. (Berkshire, long-term issuer rating Aa2 stable, NYSE: BRK) for approximately $11.6 billion in cash. The rating upgrades reflect Moody's expectation that Berkshire will provide implicit and explicit support to Alleghany,” Moody’s said in a press release.

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