Berkshire-Backed Housing Bonds Lowered by S&P to AA

Berkshire Hathaway Inc.-insured bonds tied to housing were cut one level to AA from AA+ by Standard & Poor’s after the ratings firm lowered its grade on the parent company last month.

“All of these issues receive partial support via guaranteed investment contracts or investment agreements” from Berkshire or some of its subsidiaries, S&P said today in a statement about the Omaha, Nebraska-based firm led by Warren Buffett.