Citing a probe into alleged sexual misconduct by priests, a major credit rating agency is warning it soon may downgrade debt issued by the Archdiocese of Chicago, Crain's Chicago Business reported. 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 that 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. The Illinois attorney general's office is investigating all six Catholic dioceses in the state and how they have handled complaints of misconduct.
