The economic outlook is having a tsunami affect on ratings, impacting even the largest, previously most stable insurers, and Berkshire Hathaway is no exception.

Attributing the cut in ratings made earlier this month by Fitch Ratings to Berkshire to the notion that “no financial-oriented holding company should be rated AAA because of significant market volatility,” Berkshire took it on the chin again today with news that Standard & Poor may drop its AAA credit rating because “values have fallen in its equity portfolio and capital has shrunk at the insurance operations.”

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