Moody's Investors Service has started to rate municipal bonds insured by Berkshire Hathaway Assurance Corp. (BHAC) 'Aaa.' These bonds are supported by a "wrap of a wrap," Moody's said, meaning that the bonds are first supported by a financial guaranty insurance policy from BHAC and then further supported by a contingent-payment insurance policy provided by 'Aaa'-rated National Indemnity Co., both of which are owned by Berkshire Hathaway.
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