Moody’s shifts its outlook to negative, citing an Illinois attorney general investigation into priest abuse claims that already have cost the Roman Catholic archdiocese $60 million in the past two years.
Moody’s Investors Service revised to negative its outlook on more than $137 million in unsecured notes issued by the Roman Catholic archdiocese. The firm left intact its core rating of A1 on the debt, but a change in the outlook is a sign of concern and often leads to an actual downgrade later.
Moody’s said the archdiocese, headed by Cardinal Blase Cupich, already has paid out $60 million in misconduct complaints in just the past two years. The archdiocese still has adequate liquidity with $1.05 billion in cash and investments.
Read more at Crain’s