Warren Buffett’s Berkshire Hathaway Inc., owner of the
largest stake in Moody’s Corp., may have lost almost $300 million on the
holding this week as shares of the credit-ratings company plunged Bloomberg
reports.
Moody’s, the second-biggest provider of credit ratings,
dropped 19 percent through yesterday after larger rival Standard & Poor’s
said on Feb. 4 that it could face a U.S. lawsuit over inflated mortgage-bond
ratings. Omaha, Nebraska-based Berkshire held 28.4 million Moody’s shares, or
about 13 percent of the firm, as of Sept. 30, according to data compiled by
Bloomberg.
Moody’s tumbled $10.26 this week, the biggest two-day drop
in almost four years, closing yesterday at $45.09 in New York. If Berkshire
continues to own the same number of shares that it did at the end of September,
the value of its holding in Moody’s dropped by $291.5 million. The shares still
have climbed 17 percent in the past 12 months…
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