February 12, 2009
Charity Outlook Is Bleak, Financial Unit Says
Nonprofit organizations are in for a tough year of tightening credit markets and a deepening recession, according to two new reports from Moody's Investors Service, a credit-rating agency, in New York.
According to the report, which tracked bond ratings in 2008 for 742 nonprofit borrowers, ratings were relatively stable last year overall. Moody's changed the ratings of only 6 percent of the groups. But, the report says, over the course of 2008, the pace of upgraded ratings slowed,
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