The news is not good for the Oracle of Omaha, but one would think he would have seen it coming.
Losing $25Billion in a year, dropping to Number 2 in the I Shit Gold Bricks List and now having his credit rating dropped down a notch to AA+.
Thank goodness we have been in a booming economy or this could be considered bad.
Berkshire Loses Top Rating on Investments, Buffett Role
By: Reuters | 13 Mar 2009 | 06:25 AM ET
Warren Buffett's Berkshire Hathaway was stripped of its 'AAA' credit rating by Fitch, barely hours after S&P cut General Electric's top-tier rating, as the global financial crisis pummels America's corporate titans.
Citing concerns about Berkshire's [BRK.A 83550.00 -2150.00 (-2.51%) ] equity and derivatives investments, as well as Buffett's tight grip on the company, ratings agency Fitch cut the insurance and investment company's issuer default rating by one notch to 'AA+'.
The downgrade is another setback to Buffett, 78, coming a day after the billionaire lost his position as the world's richest man to Microsoft [MSFT 16.65 -0.36 (-2.12%) ] founder Bill Gates, according to Forbes' annual list. Buffett's net worth plunged to $37 billion from $62 billion last year, the list said.
"Fitch views the company's potential earnings and capital volatility derived from its large, unhedged market exposures as inconsistent with the stability required at the 'AAA' level," the ratings agency said in its statement on Berkshire.
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