Monday, March 10, 2014
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Berkshire held the highest credit rating from S&P, Fitch Ratings and Moody's Investors Service as recently as 2009. A plunging equity market following the 2008 financial crisis hurt the value of its stock portfolio and boosted liabilities on derivatives, leading to cuts by Moody's and Fitch. The company was stripped of its last AAA rating in February 2010 by S&P after agreeing to buy railroad Burlington Northern Santa Fe for $26.5 billion
Navistar sells RV business, but not horse trailer operation
Navistar International Corp. said it sold its recreational vehicle business to Allied Specialty Vehicles Inc. No terms were disclosed.
The Lisle, Ill.-based truckmaker, is concentrating on its main business "and the sale of Navistar RV represents another important step," Chief Operating Officer Jack Allen said in a statement.
Navistar, since August, has installed a new management team as it tries to end losses. The company promoted Troy Clarke to chief executive officer in March, replacing interim boss Lewis Campbell. The company ousted Dan Ustian as CEO last year.
Allied Specialty Vehicles, based in Orlando, Florida, also entered into a leasing agreement for a Navistar recreational vehicle facility in Elkhart, Indiana, according to today's statement. The sale doesn't include Bison Coach, Navistar's horse trailer manufacturing business.
Navistar fell 0.3 percent to $36.22 at the close in New York. The shares have gained 66 percent this year, compared with a 16 percent increase for the Standard & Poor's 500 Index.
-- From staff and news services