OREANDA-NEWS. Fitch Ratings has affirmed the rating for Welsh Road Funding LLC (Welsh Road) as follows:

--\\$2,500,000,000 commercial paper (CP) notes at 'F1+sf'.

KEY RATING DRIVERS
The rating of the notes is based upon the rating of the guarantor of the surety, Berkshire Hathaway Inc. (BHI; Issuer Default Rating [IDR] 'AA-' with a Stable Outlook). Fitch considers BHI to be an eligible direct-support counterparty based on the strength of its long-term rating and Stable Outlook. A long-term rating of 'AA-' correlates to a short-term rating of 'F1+', but lower long-term ratings have a correlation that may overlap multiple short-term ratings.

The notes are supported by a \\$2.5 billion unconditional and irrevocable surety issued by Columbia Insurance Company (Insurer Financial Strength [IFS] rating of 'AA+' with a Stable Outlook), which is further enhanced by a corporate guaranty made by BHI.

RATING SENSITIVITIES
The rating remains sensitive to the rating migration of BHI. A downgrade of more than one rating notch to BHI would likely result in a downgrade to the notes. Such a determination would be decided by a rating committee, taking into consideration input provided by Fitch's Corporates group regarding the short-term financial position of BHI.

DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.