Buffett Defends Moody's (MCO), Says Franchise Intact

Warren Buffett, who owns a large stake in Moody's (NYSE: MCO) is defending the stock. According to headlines from Bloomberg, Buffett says need for ratings firms "won't go away." Doesn't see Moody's franchise impaired by 1-day event.

NOTE: Stock is down 14% on reports from the Financial Times the company incorrectly handed out AAA ratings on certain debt products due to a computer coding error.

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