In an acute reflection of the tough times many leading firms find themselves in the world recession, Warren Buffet’s Berkshire Hathaway has been downgraded two notches by rating agency Moody’s from a triple-A to the a double-A2.

The “Sage of Omaha” owns a 20% stake in Moody’s. But, of course, that was not going to spare him a rating review. For the record, last year Connecticut’s attorney-general inquired whether Buffet’s holdings in Moody’s constituted a conflict-of-interest.

Berkshire Hathaway was transformed from a textile firm into one of the world’s leading investment firms due to Buffet’s impeccable investment decisions. But the firm suffered its worst year in 2008; losing billions.

“Berkshire’s stock has declined, too. Its class A shares have plunged 32 per cent in the past year.”

Berkshire Hathaway is not the only firm to lose its triple-A rating. General Electric, previously seen as consistently well-performing, recently lost its triple-A as well.

But Buffet is still upbeat. He has predicted that the there are tough days ahead, but “America’s best days are still ahead of her.”