Penn State Debt May Be Cut by Moody’s on Child Sex-Abuse Scandal
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Penn State University had its Aa1 revenue-bond rating placed on review for possible downgrade by Moody’s Investors Service amid the investigation into a child sex-abuse scandal.
Moody’s said it will examine the reputational and financial risk arising from the probe, after the Penn State football team’s former defensive coordinator, Jerry Sandusky, was charged with sexually assaulting eight boys from 1994 to 2009.