Ratings agencies received a lot of criticism for their handling of debt ratings during the waning days of the housing bubble and the resulting crash-crunch. If Moody's (MCO) recent upgrade of the pharmaceutical sector is any indication, it looks like they may not have improved their timeliness all that much. In fact, investors approaching the Big Pharma sector today aren't likely to find many bargains and may in fact be buying into a somewhat overheated market.
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Is Moody's Late To The Drug Party?