Moody's Investors Service Friday assigned a coveted Aaa insurance financial strength rating to Berkshire Hathaway Assurance Corp., giving Warren Buffett's new bond insurer the second, and perhaps final, gilt-edged rating it needs to start writing primary market insurance.

The rating for BHAC is based on the backing of Columbia Insurance Co., which unconditionally supports the policies written by BHAC on or after March 31, Moody's said. Columbia and BHAC are both owned by Buffett's Berkshire Hathaway Inc.

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