Berkshire Hathaway municipalities insurer earns top rating S & P
NEW YORK (Reuters) - Aire trillion Warren Buffett nine fidelity bond, municipal corporations, on Friday won the race “AAA” rating from Standard & Poor’s Ratings Services, the city of Venture almost $ 1 billion ‘ surplus.
Berkshire Hathaway Insurance Corp (BRKa.N: Quote, Profile, Research) has been granted licenses to 48 states and the District of Columbia.
Standard & Poor’s is the first major intelligence agency to evaluate the new James Bond insurers, as Buffett is, in part, at the request of the New York State Insurance Superintendent.
The $ 2.6 billion auction market rates communal was rockten by borrowing deep wounds suffered by insurers, when they find themselves in the advance of Subprime mortgage.
Some competitors Buffett’s loan guarantors were demoted, and investors worried sold billions of dollars of debt for common of these companies and some of its competitors, who have been caught in the Subprime nightmare.
This was confirmed in some states in the United States, cities and agencies willingly for a new insurer with a top-notch credit rating. Investors who do not want to borrow more than the insurer, they sponge, which became interested in a new and strong.
S & P said in its rating, the new insurance Berkshire Hathaway also reflects a guarantee of Buffett’s Columbia Insurance Co., which will be Columbia’s “AAA” rating for the new insurers.
Columbia is an indirect subsidiary of the company Berkshire Hathaway Inc., also willingly S & P’s Rating upwards.
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