Having legendary billionaire investor Warren Buffett as its key man and exposure to derivatives has cost the legendary investor-led Berkshire Hathaway the highest investment grade rating assigned to it.
Fitch has downgraded the companys rating from AAA (highest investment grade) to a notch lower to AA+. This follows another rating agency Standard & Poors cutting its rating on another blue-chip American entity,General Electric,from AAA,which the worlds largest industrial conglomerate had got in 1956.
This leaves just five American corporates ExxonMobil,Johnson & Johnson,Automated Data Processing (ADP),Microsoft and Pfizer with the top credit rating of AAA,down from more than 60 in early 1980s.
The worlds second-richest man,Warren Buffett,wasnt even the highest paid employee at his company last year. That distinction belonged once again to Berkshire Hathaways CFO Marc Hamburg.
Buffett,CEO of the Omaha-based company,received a total of $1,75,000 in compensation in 2008,the same amount he received a year earlier,according to regulatory filing made Friday. His base salary remained at $100,000,the same level its been for more than 25 years.