Fitch Affirms Welsh Road Funding LLC at ‘F1+sf’
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KEY RATING DRIVERS
The rating of the notes is based upon the rating of the guarantor of the surety, Berkshire Hathaway Inc. (BHI; Issuer Default Rating [IDR] 'AA-' with a Stable Outlook). Fitch considers BHI to be an eligible direct-support counterparty based on the strength of its long-term rating and Stable Outlook. A long-term rating of 'AA-' correlates to a short-term rating of 'F1+', but lower long-term ratings have a correlation that may overlap multiple short-term ratings.
The notes are supported by a
RATING SENSITIVITIES
The rating remains sensitive to the rating migration of BHI. A downgrade of more than one rating notch to BHI would likely result in a downgrade to the notes. Such a determination would be decided by a rating committee, taking into consideration input provided by Fitch's Corporates group regarding the short-term financial position of BHI.
DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.
Additional information is available at www.fitchratings.com.
Applicable Criteria
Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158
Global Rating Criteria for Asset-Backed Commercial Paper (pub.
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=797648
Global Structured Finance Rating Criteria (pub.
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952
Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=991145
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=991145
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
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