Sports




Moody's to look at Penn State's credit

by AP posted Jul 24 2012 10:50AM

 

NEW YORK (AP) - Moody's Investors Service says it may cut its rating on Penn State's credit as the university deals with the fallout from the Jerry Sandusky child sexual-abuse case and sanctions against the school's football team.

 

The agency has an 'Aa1' rating on Pennsylvania State University's credit. That is its second-highest possible rating. The firm said a recent report by former FBI Director Louis Freeh and sanctions levied by the NCAA could hurt student enrollment and fundraising for the university.

 

Moody's says Penn State has about $1 billion in debt.

 

The announcement comes a day after the NCAA fined Penn State $60 million, banned the school from playing in postseason bowl games for four years, and stripped the team of dozens of scholarships.

Filed Under :
Location : New York
People : Louis Freeh
07/24/2012 10:50AM
Moody's to look at Penn State's credit
Please Enter Your Comments Below
Title :
Comment :
LATEST: Suspect in Downtown Fredericksburg Homicide in Custody
Chancellor Elementary in Spotsy Celebrates 75 Years
Local Man Helps in Arrest of Stolen TVs
Classes Go on at VCU After Early Morning Scare
Massive Library Book Sale in Fredericksburg Starts Saturday
No Tags Found !