Archdiocese of Chicago’s bond rating slashed
May 27, 2020
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CWN Editor's Note: The 3-notch downgrade from A1 to Baa1 “reflects the escalation of core social and business risks for a particular sector that has seen a substantial and now recently increasing trend of preemptive bankruptcy,” according to the report. “The rapid and widening spread of the coronavirus outbreak and deteriorating global economic outlook are creating a severe and extensive credit shock.”
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Posted by: Randal Mandock -
May. 27, 2020 11:46 AM ET USA
Is the Archdiocese of Chicago a business, like any other secular money-making enterprise? According to Moody's bond credit ratings, "Baa1" lies near the bottom of investment-grade bonds, just 3 steps above "junk" bond rating. Is this the Church's future? How the mighty are falling all around us. Pope Francis warned today: "Mission...is not the fruit of the application of 'secular notions of activism or technical-professional competence.'" So which is it for U.S. dioceses: mission or business?
