Buffett Not Surprised By S&P Downgrade of Berkshire Hathaway's (BRK.a) Rating Outlook
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Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-A) CEO Warren Buffett told FOX Business Network's Liz Claman that he was not surprised that S&P downgraded the ratings outlook on the company to "negative."
"They're doing that to all the insurance companies. They said they'd do that last week," Buffett said.
Commenting on whether he is surprised that S&P based their downgrade of U.S. credit in part on ‘political’ discourse, Buffett said, "Their [S&P] job is to say whether bond instruments will be fulfilled, and they will be fulfilled... people confuse ability of the U.S. to pay debt obligations in dollars vs. what the dollar is actually worth."
"They're doing that to all the insurance companies. They said they'd do that last week," Buffett said.
Commenting on whether he is surprised that S&P based their downgrade of U.S. credit in part on ‘political’ discourse, Buffett said, "Their [S&P] job is to say whether bond instruments will be fulfilled, and they will be fulfilled... people confuse ability of the U.S. to pay debt obligations in dollars vs. what the dollar is actually worth."
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