Penn State's latest issue: Its credit rating

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Penn State's latest issue: Its credit rating

From Comcast SportsNet
NEW YORK (AP) -- Moody's Investors Service said Monday it may cut its rating on Penn State's credit as the university deals with the fallout from the Jerry Sandusky child sexual-abuse case and sanctions against the school's football team. The agency has an Aa1' rating on Pennsylvania State University's credit. That is its 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, and the school also faces uncertainty in the form of ongoing federal and state investigations. Penn State has about 1 billion in debt, Moody's said. A downgrade could make it more expensive for Penn State to borrow money, which would be another long-term cost in a scandal that has already cost the school immeasurably. The announcement comes a day after the NCAA fined Penn State 60 million, banned the school from playing in postseason bowl games for four years, and stripped the team of dozens of scholarships, among other penalties. The Big Ten conference levied additional sanctions. Earlier this month, Freeh delivered a report on the actions of Penn State leadership and its athletic department surrounding the actions of Sandusky, a former football coach who awaits sentencing after been convicted of 45 charges related to child abuse. Moody's said the report and other investigations "collectively point directly to weaknesses in the university's management and governance practices." The firm said that until before the Freeh report and the NCAA sanctions, it did not see evidence of weakness in enrollment or fundraising.

Carl Edwards Jr.'s special tie to Memorial Day

Carl Edwards Jr.'s special tie to Memorial Day

For Carl Edwards Jr., Memorial Day has a special meaning.

That's because the Cubs reliever has a very close tie to the armed services. 

Edwards met his fiance, Nette Smith, before her deployment in Afghanistan. Throughout her active service, Edwards kept in touch by writing her letters. Their relationship eventually blossomed, and now the couple has a one-year-old child. 

With Smith's army commitment finished, she views Memorial Day as a time to appreciate all those who serve. 

"To me, Memorial Day is a day set aside for me to remember some of the people I have met who sacrificed everything," Smith said. 

Watch the couple's entire story in the video above. 

Morning Update: White Sox power past Tigers; Dodgers sweep Cubs

Morning Update: White Sox power past Tigers; Dodgers sweep Cubs

Here are the top Chicago sports stories from Sunday:

Stranger than fiction: Dodgers sweep Cubs as Lester vs. Kershaw doesn’t live up to expectations

Miguel Gonzalez throws six perfect innings as White Sox take series against Tigers

Joe Maddon has no choice but to ignore the noise and put his faith in young Cubs lineup: ‘If you want to freak out, freak out’

Two days out, White Sox already excited about facing former teammate Chris Sale

Fire midfielder Dax McCarty named to U.S. national team roster

Jose Abreu relishing opportunity to help mentor Luis Robert, White Sox newest Cuban addition

How patient will Cubs be with Ian Happ and the rookie learning curve?

Takuma Sato holds off Helio Castroneves to give Andretti another Indy 500 win

Sky continue early season struggles in loss to Sun

Honda Road Ahead: Cubs offense looks to build off showing against Clayton Kershaw