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Shares of Berkshire Hathaway are down 3% in early trading, after Fitch Ratings has downgraded Berkshire Hathaway Inc.'s triple-A issuer default rating and senior unsecured debt ratings by one notch.
Adding further pressure to MGM on Monday, Fitch Ratings docked its debt default rating down three levels to C from CCC, landing it just one notch above default.
(See: "Investors Abandon French Banks") Soon after SocGen's announcement, Fitch Ratings downgraded its long-term default rating, which rates the likelihood of the bank defaulting on its financial obligations, to AA-minus from AA.
Soon after SocGen's announcement, Fitch Ratings downgraded its long-term default rating to "-AA," from "AA," and the bank's individual rating to B, from A, citing the substantial trading losses that had occured within its core trading division.
After the markets closed Monday, Fitch Ratings downgraded AIGs long-term and short-term issuer default rating, as well as its senior unsecured debt and commercial paper program ratings.
After its $3.0 billion announcement, Fitch Ratings affirmed the company's issuer default rating at "AA".
Similar(22)
Default rates rise as bond ratings decline.
"Default rates are rising.
Default rates have dropped dramatically.
That keeps default rates low.
Will that affect default rates?
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