S&P cuts Berkshire Hathaway rating

CREDIT-RATING agency Standard & Poor’s yesterday cut its rating on Berkshire Hathaway, the insurance and industrial conglomerate controlled by billionaire investor Warren Buffett, 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+.