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Announcement:

Moody's affirms Berkshire Hathaway's senior debt rating at Aa2

22 Mar 2012

New York, March 22, 2012 -- Moody's Investors Service has affirmed the Aa2 senior unsecured debt rating and the Prime-1 short-term issuer rating of Berkshire Hathaway Inc. (Berkshire, NYSE: BRKA) as well as the ratings of subsidiary obligations guaranteed by Berkshire (see list below). The rating outlook for Berkshire is stable.

RATINGS RATIONALE

"Berkshire has an exceptionally strong business and financial profile," said Bruce Ballentine, Moody's lead analyst for Berkshire. The earnings and cash flows are diversified across five broad business segments, while the balance sheet exhibits moderate financial leverage and excellent liquidity.

"The firm delivered solid results in 2011, despite the effects of elevated catastrophe losses and volatile financial markets," noted Ballentine. All major business segments except for (re)insurance posted higher profits in 2011 versus 2010. The overall results were enhanced by the acquisitions of Lubrizol in 2011 and Burlington Northern in 2010.

"Berkshire maintains extraordinary financial flexibility," said Ballentine, "to address a range of potential stress scenarios and/or investment opportunities." The parent company added $8 billion of debt to its capital structure in 2010 to help fund the Burlington Northern acquisition, but it still has strong financial leverage and fixed-charge coverage metrics. Berkshire also holds a minimum of $10 billion in cash and equivalents at or readily available to the parent, and typically the available amount is $20 billion or more.

Berkshire's ratings reflect its strong market presence in its principal (re)insurance operations, the diversification of its earnings in both regulated and non-regulated businesses, and its sound balance sheet, according to Moody's. The ratings also incorporate the conservative operating and financial policies of the current management team. These strengths are tempered by potential earnings and capital volatility related to large and concentrated stock investments as well as large (re)insurance underwriting transactions. Berkshire also owns certain housing related businesses that face pressure from the weak US housing market. Management succession is another credit concern, given the critical role that CEO Warren Buffett has played in developing Berkshire's culture and financial track record.

Moody's cited the following factors that could lead to an upgrade of Berkshire's ratings: (i) improvement in the stand-alone credit profiles of major operating units; along with (ii) continued holdings of large cash and equivalent balances at the parent company or immediately available to the parent.

Moody's cited the following factors that could lead to a rating downgrade: (i) deterioration in the stand-alone credit profile(s) of one or more major operating units; (ii) a shift toward a less conservative financial profile (e.g., adjusted financial leverage exceeding 15% or total leverage exceeding 20%); (iii) losses from insurance underwriting, investments and/or derivatives causing a 20% decline in shareholders' equity in a given year; or (iv) a significant decline in cash and equivalents on hand (e.g., approaching $10 billion or less).

The following ratings have been affirmed with a stable outlook:

Berkshire Hathaway Inc. -- long-term issuer rating and senior unsecured debt at Aa2, senior unsecured shelf at (P)Aa2, short-term issuer rating at Prime-1;

Berkshire Hathaway Finance Corporation -- backed senior unsecured debt at Aa2, backed senior unsecured shelf at (P)Aa2;

The Lubrizol Corporation -- backed senior unsecured debt at Aa2;

NetJets Inc. -- backed commercial paper at Prime-1.

The principal methodologies used in this rating were Moody's Global Rating Methodology for Reinsurers published in December 2011 and Moody's Global Rating Methodology for Property and Casualty Insurers published in May 2010. Please see the Credit Policy page on www.moodys.com for copies of these methodologies.

Based in Omaha, Nebraska, Berkshire is a holding company engaged through subsidiaries in diversified businesses that fall into five broad segments: property & casualty (re)insurance; railroad; utilities and energy; manufacturing, service and retailing; and finance and financial products. Berkshire also holds meaningful minority interests in several prominent financial and consumer products firms through its portfolio of common stocks, held mainly by its (re)insurance subsidiaries. Berkshire reported total revenues of $144 billion and net income attributable to Berkshire of $10.3 billion for 2011. Shareholders' equity attributable to Berkshire was $165 billion as of year-end 2011.

REGULATORY DISCLOSURES

Although this credit rating has been issued in a non-EU country which has not been recognized as endorsable at this date, this credit rating is deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 30 April 2012. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Bruce Ballentine
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Riegel
MD - Insurance
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's affirms Berkshire Hathaway's senior debt rating at Aa2
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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