Latest Developments on Penn State
November 14, 2011
The following are the latest developments from Pennsylvania State University as it struggles to move forward amid a sex-abuse scandal:
- Moody's Investors Service announced that it will conduct a review that could lead the agency to downgrade the university's bond rating (currently Aa1). A statement said: "Moody's will evaluate the potential scope of reputational and financial risk arising from these events. While the full impact of these increased risks will only unfold over a period of years, we will also assess the degree of near and medium term risks to determine whether to downgrade the current Aa1 rating. We will monitor possible emerging risks emanating from potential lawsuits/settlements, weaker student demand, declines in philanthropic support, changes in state relationship and significant management or governance changes."
- Thousands of Penn State students and others attended a candlelight vigil Friday night to express sympathy with victims of sexual abuse and to vow to help such individuals, The Centre Daily Times reported. And at Saturday's football game against the University of Nebraska, fans participated in a moment of silence for the abuse victims, and players from the two teams kneeled together to recognize the victims. The emphasis and tone of the events were in contrast to the protests earlier in the week against the firing of Joe Paterno as football coach.
- The top recruiting prospect for Penn State's football team announced that he was backing away from a pledge to attend the university, ESPN reported.
- For those seeking perspective on how the Penn State scandal compares to other major athletics scandals, Slate has assembled links to some of the better long-form journalism on such scandals in the past, as well as some more recent coverage.