DECEMBER 9, 2009, 7:25 P.M. ET
Billionaire investor Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) sold 2.7 million shares of Moody's Corp. (MCO), according to a filing Wednesday with the Securities and Exchange Commission.
Berkshire, which still owns 35.4 million shares of the rating service, has been selling shares regularly since this summer. The conglomerate reported selling 1.2 million shares of Moody's in October, close to 800,000 shares in September and 8 million shares in July.
Berkshire owned 15% of Moody's outstanding stock after the recent sale, down from 20% in July.
Berkshire sold the shares Monday and Tuesday for $24.98 on average. The stock closed Wednesday at $24.95, up 1%. Moody's shares have gained 24% this year.
Moody's business has suffered during the financial crisis, and the company has been criticized for the top grades it, like some other rating agencies, issued to mortgage-backed securities that later underperformed.
-By Kathy Shwiff, Dow Jones Newswires
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