Buffett would rate U.S. 'quadruple-A'

OMAHA, Aug. 6 (UPI) -- Standard and Poor's downgrade of the United States' triple-A credit rating makes no sense, said billionaire Warren Buffett.

"I don't get it," Buffett told Fox Business late Friday night. "It doesn't make sense."

Buffett, chairman and chief executive officer of Berkshire Hathaway, a conglomerate holding company based in Omaha, said, "In Omaha, the U.S. is still triple A. In fact, if there were a quadruple-A rating, I'd give the U.S. that."

The downgrade should have little effect on the stock market Monday, Buffett said.

"If nothing else takes place, meaning, if all other variables hold and there isn't say, a new problem in Europe, it won't make any difference."

"Think about it," Buffett said. "The U.S., to my knowledge owes no money in currency other than the U.S. dollar, which it can print at will. Now if you're talking about inflation, that's a different question."

Asked if he believed the U.S. deserved the downgrade, Buffett said, "No … remember, this is the same group that downgraded Berkshire."