May 1, 2013 / 11:31 PM / 4 years ago

Berkshire sells 6.1 pct of Moody's stake

* Berkshire’s Geico unit sells 1.75 mln Moody’s shares

* Berkshire still has 11.9 pct stake in Moody’s

May 1 (Reuters) - Warren Buffett’s Berkshire Hathaway Inc on Wednesday said it has sold 6.1 percent of its stake in Moody’s Corp, the first time since 2010 it has sold shares of the parent of credit rating agency Moody’s Investors Service.

The sale of roughly 1.75 million Moody’s shares between April 29 and May 1 generated gross proceeds of more than $105 million and reduced Berkshire’s stake in the company to about 11.9 percent from 12.7 percent, according to filings with the U.S. Securities and Exchange Commission.

All of the shares sold had been owned by Berkshire’s Geico auto insurance unit, the filings show. Following the sales, Geico still owned nearly 14 million Moody’s shares, while Berkshire’s National Indemnity Co unit owned about 12.7 million.

It is unclear why the sales took place. A Moody’s spokesman did not immediately respond to a request for comment. Berkshire did not immediately respond to a request for comment.

Berkshire once held a stake of more than 20 percent in Moody‘s. It has owned shares of the New York-based company for well over a decade.

Shares of Moody’s closed Wednesday down 5 cents at $60.80 on the New York Stock Exchange. Berkshire disclosed the sales after U.S. markets closed.

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