As they race to defuse the controversy surrounding recent allegations of sexual abuse by a former member of its football coaching staff, Penn State University officials are asking friends, alumni, and donors to continue to their support for the school, Reuters reports.

Days after former assistant football coach Jerry Sandusky was arrested for allegedly abusing young boys in university facilities over the span of a decade and a half — allegations that led to the firing of legendary head football coach Joe Paterno and longtime Penn State president Graham Spanier — ratings agency Moody's Investor Services said it was considering a downgrade on the university's $1 billion in highly rated debt due to "reputational and financial risk." The university, which is in the middle of a $2 billion fundraising campaign, has raised about $1.3 billion since 2007 from its vast alumni network, which includes Merck president and CEO Kenneth Frazier and U.S. Steel CEO and board chairman John Surma. Gas and energy tycoon Terry Pegula, who has donated $88 million to the school for a new ice hockey arena and the men's and women's varsity hockey programs, said in a statement that his support "is well known and will continue."

Nevertheless, the university is preparing for the possibility that, in the wake of the scandal, donors will think twice about writing a check to the school. Recognizing the severity of the situation, Penn State officials have cancelled fundraising events associated with the final regular season football game, and campaign chair Peter Tombros issued a statement urging supporters not to turn their backs on the school. "This is not a moment to reconsider your commitment to the university," said Tombros. "I urge you to continue to support the campaign and the students whose lives will be transformed by your philanthropy."