date:Mar 13, 2013
und the globe in both retail and foodservice. Integrated into the ratings is Fitch's treatment of the $8 billion 9% cumulative perpetual preferred stock to be held by Berkshire. Fitch has classified 50% of the principal as equity and 50% as debt.
The terms of the preferred allow for dividend deferral and the existence of incentives to issue common equity reduces the company's overall financial risk. Pro forma total debt adjusted for the equity treatment of these hybrid securities will approxim