Penn State Will Have a Harder Time Borrowing Money, Thanks to Jerry Sandusky

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]