Credit rating agency Standard & Poor's on Thursday cut its rating on Berkshire Hathaway Inc , the insurance and industrial conglomerate controlled by billionaire investor Warren Buffett, by one notch, citing the company's reliance on its insurance operations for dividend income.
S&P cut the counterparty rating on Berkshire to "AA" from "AA+," but the agency left Berkshire's insurance units' financial strength ratings intact at "AA+."
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The outlook on all ratings is negative, S&P said in a statement.
"The lower credit rating on BRK better reflects our view of BRK's dependence on its core insurance operations for most of its dividend income," said Standard & Poor's credit analyst John Iten.
(Reporting By Dan Burns; Editing by Gerald E. McCormick)