Archdiocese considers selling bonds to raise funds

Seeking to replenish coffers that have covered the costs of construction, clergy misconduct and parish operations, the Archdiocese of Chicago is exploring a number of options to raise more money, including the sale of private bonds to investors.

Though no church official will confirm that the archdiocese plans to sell bonds, the Moody’s rating service on Wednesday night gave the Archdiocese of Chicago its top rating for a proposed sale of $151.5 million, the typical precursor to issuing bonds.

But the Moody’s rating also says that a sale is not guaranteed, and church officials insist no decision has been made.

If the archdiocese proceeds with a bond sale, it would be the first time since Cardinal George Mundelein sold bonds to finance a construction boom in the early 20th century.

Earlier this month, Cardinal Francis George announced that staff and advisory councils had begun to explore ways “to take advantage of historically low interest rates and the good creditworthiness of the Archdiocese of Chicago.” [more]

SOURCE

Chicago Tribune