CHICAGO (IL)
Chicago Tribune
By Manya A. Brachear, Chicago Tribune reporter
January 29, 2012
As Cardinal Francis George prepares to retire in the next few years and hand over the reins of the Archdiocese of Chicago to a successor, he is looking to Wall Street and the achievement of one particular predecessor to ensure the church’s long-term financial viability and leave a legacy of his own.
On Wednesday, the archdiocese earned a top rating from the Moody’s firm, a typical prerequisite to selling private bonds. A bond sale is a maneuver to improve cash flow that was used by Cardinal George Mundelein nearly a century ago. The Moody’s report was based on a proposed offering of $151.5 million in bonds.
Citing strict federal regulations imposed by the Securities and Exchange Commission that preclude discussion of a pending bond sale, no church official, including George, will confirm that bonds will be issued. The Moody’s report also points out that the rating does not mean a sale is guaranteed.
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