Standard & Poor’s cut the credit rating of Warren Buffett’s Berkshire Hathaway one notch to AA on Thursday, citing the conglomerate’s reliance on its insurance business while again raising questions over its succession plans.
The rating agency opinion reflects the unusual record and structure of a $277bn conglomerate constructed by its billionaire chairman over five decades, a candy-to- cargo-train collection of businesses built around an insurance company.
S&P reaffirmed the underlying strength of Berkshire’s operations and its financial stability. Berkshire has a $49bn cash pile, and Mr Buffett has said that he will always keep at least $20bn on hand for emergencies.
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