S&P ups Precision Castparts notes

S&P said it raised Precision Castparts Corp.' unsecured notes to AA from AA-. Berkshire Hathaway guarantees the unsecured debt.

“This is consistent with our criteria for shifting the evaluation of the creditworthiness of the obligations from the primary obligor to that of the guarantor (a "rating substitution"). Therefore, we raised the rating on Precision Castparts' unsecured debt to that on Berkshire's unsecured debt and withdrew our issuer credit rating on the company,” S&P said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.