Moody's Investors Service revised its outlook on Pennsylvania State University to positive from stable, citing the school's $59.7 million settlement with 26 sexual-abuse victims of former assistant football coach Gerry Sandusky.

Moody's also affirmed its Aa2 long-term rating for the school, which has $724.4 million of rated debt. Moody's had lowered the rating from Aa1 in October 2012.

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