By: Diane Benjamin
Media did report Illinois universities had their credit ratings downgraded by Moody’s. Their details were sketchy though.
The University of Illinois’ new rating is A1 with a negative outlook.
Read the story – this is because U of I is doing nothing to control costs and relies too much on the State.
Illinois State University was downgraded to Baa3 with a negative outlook.
The new rating is only one notch above junk and still considered “acceptable credit quality” but “cash-flow protection may be narrow,” according to a separate Moody’s rating research document.
Aren’t we told ISU is doing a great job weathering the crisis caused by Springfield?
The State of Illinois’ rating is one notch above non-investment grade, or junk status, and ratings agencies have said it faces another downgrade if there’s not an agreed-upon budget by next month.
The State was downgraded after lawmakers left the capital city last month without passing a budget.
The story above is dated June 10, 2017.