We are now analyzing BRK as a corporate conglomerate under our Corporate Methodology, rather than as an insurance holding company under our insurance criteria. We have concluded that the effect of the acquisition of PCP on BRK's credit profile is neutral to our ratings on BRK. We are affirming our 'AA/A-1+' local currency rating and assigning our 'AA/A-1+' foreign currency rating to BRK and removing the local-currency rating from CreditWatch Negative. The stable outlook reflects our view that BRK will continue to report solid profitability metrics, significant cash-flow generation, and strong EBITDA margins in the next two years. On Feb. 19, 2016, Standard&Poor's Ratings Services affirmed its 'AA/A-1+' local currency issuer credit rating and 'AA' senior unsecured debt
