NEW YORK (AP) — Standard & Poor's Ratings Services cut a major rating for Warren Buffett's Berkshire Hathaway.

The ratings agency dropped its investment-grade counterparty credit rating for the Omaha-based company by one notch to "AA" from "AA+."

S&P says the move better reflects Berkshire Hathaway Inc.'s dependence on its core insurance operations for most of its dividend income.

Significantly, it noted that "management succession at BRK is also an offsetting factor." Berkshire has picked a successor for the 82-year-old Buffett, but has not made the name of the person public.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.