BNSF [Burlington Northern Santa Fe Railroad Corporation] and Mid-American Energy [later renamed Berkshire Hathaway Energy], with important common characteristics that distinguish them from our many others. A key characteristic of both companies is the huge investment they have in very long-lived, regulated assets, with these funded by large amounts of long-term debt that is not guaranteed by Berkshire. Our credit is not needed: Both businesses have earning power that, even under very adverse business conditions, amply covers their interest requirements.
