Warren Buffett called his purchase of the railroad operator Burlington Northern Sante Fe an “all-in wager on the economic future of the United States,” but analysts at Standard & Poor’s don’t appear to share his optimism. The agency on Wednesday placed Buffett’s Berkshire Hathaway Inc. and its affiliates, including Berkshire Hathaway Assurance Corp., on negative watch.

“We believe that this transaction will decrease the liquidity and capital adequacy of the insurance operations,” Standard & Poor’s analysts said in a research update on Wednesday. “For the consolidated organization, financial leverage will increase and fixed-charge coverage may decline.”

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