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Buffett vehicle raises $8bn

Warren Buffett’s Berkshire Hathaway firm yesterday sold $8bn of debt to help pay for its $26bn acquisition of railroad operator Burlington Northern Santa Fe, in the 11th largest US corporate bond sale ever. The sale came as Standard & Poor’s Ratings Services stripped its top triple-A rating from Berkshire Hathaway and various units, citing the acquisition and saying it weakned the capital adequacy of the whole company. S&P lowered its ratings one notch to double-A-plus.