Buffett: S&P Made a Mistake Downgrading US Credit Rating -Bloomberg

Billionaire Warren Buffett said Standard & Poor's erred when they downgraded the U.S. credit rating from AAA to AA+ and believes the economy will avoid its second recession in three years, in an interview with Bloomberg Television.

The Berkshire Hathaway chairman and chief executive officer stated the U.S. deserves a “quadruple A” rating, but feels last week's market selloff can create a "lack of confidence". “Financial markets create their own dynamics, but I don't think we're facing a double dip recession", Buffet said.