Moody's Investors Service says it may cut its rating on Penn State's
credit.
The news comes as the university deals with fallout from the
Jerry Sandusky child sexual-abuse case and sanctions against the school's
football team.
Penn
State currently has Moody's
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 coming a day after the NCAA fined Penn State
$60 million, banned the school from playing in post-season bowl games for four
years, and stripped the team of dozens of scholarships.
Thursday, May 23 2013 11:27 PM EDT2013-05-24 03:27:11 GMT
The Boy Scouts of America throws open its ranks to gay Scouts but not gay Scout leaders - a compromise that some warned could fracture the organization and lead to mass defections of members and donors.
The Boy Scouts of America throws open its ranks to gay Scouts but not gay Scout leaders - a fiercely contested compromise that some warned could fracture the organization and lead to mass defections of members and donors.
Thursday, May 23 2013 10:10 PM EDT2013-05-24 02:10:26 GMT
"If I die please take me to Heaven not to Hell." After a near death experience 12-year-old Ibn Anderson showed us how he got down on one knee and prayed for his life. Bandages hide the bullet wounds from
"If I die please take me to Heaven not to Hell." After a near death experience 12-year-old Ibn Anderson showed us how he got down on one knee and prayed for his life. Bandages hide the bullet wounds from
Thursday, May 23 2013 10:04 PM EDT2013-05-24 02:04:43 GMT
If you think a high school sophomore and an 88 year old World War II veteran wouldn't have a lot in common. Think again. When Joseph Blaisse was looking for his final Eagle Scout project he thought of
If you think a high school sophomore and an 88 year old World War II veteran wouldn't have a lot in common. Think again.
Thursday, May 23 2013 7:25 PM EDT2013-05-23 23:25:16 GMT
The Philadelphia Parking Authority gets caught on tape breaking the rules, or so it appears. The PPA responds to a video that has gone viral in Philly.
The Philadelphia Parking Authority gets caught on tape breaking the rules, or so it appears. The PPA responds to a video that has gone viral in Philly.
Thursday, May 23 2013 6:49 PM EDT2013-05-23 22:49:28 GMT
Your Friday will feature steadier showers and thunderstorms early giving way to scattered showers and thunderstorms throughout the day. We reach an early High of 64, followed by falling temperatures. Winds pick up out of the NW 10 to 15 mph. Right now the Memorial Day Weekend looks cool with highs in the low to mid 60s.
Thursday, May 23 2013 5:03 PM EDT2013-05-23 21:03:32 GMT
Investigators allege that bars and restaurants in New Jersey disguised cheap booze, or worse, as the expensive stuff and made you pay the higher price.
Investigators allege that bars and restaurants in New Jersey disguised cheap booze, or worse, as the expensive stuff and made you pay the higher price.
