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May 16, 2013 at 08:53 AM
NEW YORK (AP) — Standard & Poor’s Ratings Services cut a major rating for Warren Buffett’s Berkshire Hathaway, in part because of the company’s focus on the insurance industry.
The ratings agency dropped its counterparty credit rating for the Omaha-based company by one notch to AA, from AA plus.
Like the old rating, the new rating is an investment-grade rating.
Berkshire Hathaway is the parent of Gen Re, a major player in the group disability, group life and annuity reinsurance markets, and of several property-casualty companies, including GEICO.
