Omaha, Neb.-based
S&P cited liquidity issues raised by the company’s recent $26.3 billion purchase of the Fort Worth-based
"The rating actions are based on our view that Berkshire's overall capital adequacy, as well as that of its insurance operations, has weakened to levels no longer consistent with a 'AAA' rating and is not expected to return to extremely strong levels in the near term," Standard & Poor's credit analyst John Iten said in a statement. "Furthermore, we expect that the consolidated liquidity position of BRK will be reduced from extremely strong historical levels as a result of the acquisition."