{"id":277517,"date":"2010-02-04T12:43:00","date_gmt":"2010-02-04T17:43:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/berkshire-credit-rating-cut-to-aa-along-with-3000-jobs-2010-2"},"modified":"2010-02-04T12:43:00","modified_gmt":"2010-02-04T17:43:00","slug":"berkshire-hathaway-whacks-3000-jobs-and-then-sp-whacks-berkshire-to-aa-bni-brk","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/277517","title":{"rendered":"Berkshire Hathaway Whacks 3,000 Jobs, And Then S&P Whacks Berkshire To AA+ (BNI, BRK)"},"content":{"rendered":"

\"WarrenBuffett-0909-1\"<\/p>\n

Big day for Warren Buffett’s Berkshire Hathaway (BRK)<\/p>\n

In addition to 3000 jobs being cut due to falling demand for materials, Berkshire Hathaway’s credit rating was just cut to AA+ by Standard & Poors.<\/p>\n

Bloomberg<\/a>: Berkshire and its subsidiaries employ about 222,000 people, the Omaha, Nebraska-based company said today in a regulatory filing. That’s 1.3 percent less than the figure the company reported six weeks ago, and almost 10 percent below the 246,083 disclosed in the company’s 2008 annual report.<\/p>\n

And then there’s the credit rating debacle:<\/p>\n

Warren Buffett’s Berkshire Hathaway Inc. was stripped of its last AAA credit rating by Standard & Poor’s after the billionaire investor agreed to buy railroad Burlington Northern Santa Fe Corp   <\/p>\n

Berkshire, which is taking on debt to fund the $26 billion takeover, was cut to AA+ from S&P’s highest grade, the ratings firm said today in a statement. The downgrade concludes a review that S&P announced on Nov. 4, the day after Berkshire disclosed the deal for Burlington Northern.<\/p>\n

“The railroad acquisition will reduce what historically has been extremely strong capital adequacy and liquidity,” the ratings firm said.<\/p>\n

The stock is off 2.8%.<\/p>\n

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