“Generalizations regarding integrity, independence and risk management amount to no more than puffery,” Moody’s said in court papers. As such, alleged “misstatements of this nature are insufficient to sustain a claim under the securities laws.”If you use the term "puffery" as a normal person, their defense was spot on. However, they're using it to try dodging responsibility for their basically fraudulent ratings business. The judge wasn't having it.
Read more at Bloomberg.