Moody's gives Berkshire notes Aa2

Moody's Investors Service said it has assigned an Aa2 rating to Berkshire Hathaway Inc.'s $750 million of senior unsecured fixed-rate notes due August 2019.

In the same rating action, Moody's said it has assigned a Aa2 rating to Berkshire Hathaway Finance Corp.'s $400 million of senior unsecured floating-rate notes due August 2017, which are unconditionally and irrevocably guaranteed by Berkshire.

Net proceeds from the Berkshire notes will be used to redeem $750 million of Berkshire notes maturing in August 2014, while net proceeds from the Berkshire Hathaway Finance notes will be used to replace $400 million of notes that matured in July 2014.

The outlook is stable.

Moody's said that Berkshire's ratings reflect its strong market presence in its principal (re)insurance operations, the diversification of its earnings from both regulated and non-regulated businesses and its sound balance sheet.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.