Buffett's company continues cutting Moody's stake

AP News
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Posted: Dec 23, 2009 8:00 AM

Billionaire Warren Buffett's company is continuing to reduce its stake in credit ratings firm Moody's Corp., but Berkshire Hathaway Inc. still controls about 13 percent of Moody's stock.

Berkshire sold 87,992 Moody's shares on Friday. The Omaha-based company revealed the latest sale in documents filed Tuesday with the Securities and Exchange Commission.

Over the past nine months, Berkshire has significantly reduced its Moody's holdings. Berkshire held 48 million shares in March and reduced that stake to 31.8 million as of last week.

Berkshire said the latest Moody's sales were completed at an average price of $26.77, so the transaction would have generated nearly $2.4 million for Buffett's firm.

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