Yes, Penn State’s football team has ended up the season’s “biggest surprise” because it didn’t tank the way everybody expected in the aftermath of NCAA sanctions in the wake of the Jerry Sandusky scandal. But Penn State is still, literally, paying a price: On Friday, Moody’s Investors Service the university’s long-term debt rating, citing the likelihood of big lawsuit payouts related to Sandusky. The lower rating means Penn State will likely have to pay higher interest rates on the bonds it issues when it needs to borrow money to build new facilities or expand the campus. [Associated Press]
Be respectful of our online community and contribute to an engaging conversation. We reserve the right to ban impersonators and remove comments that contain personal attacks, threats, or profanity, or are flat-out offensive. By posting here, you are permitting Philadelphia magazine and Metro Corp. to edit and republish your comment in all media.