desktop...

Overcast
28°FOvercastFull Forecast

4 Ill. universities' credit rating lowered

Published: Tuesday, March 19, 2013 4:30 p.m. CST • Updated: Tuesday, March 19, 2013 5:34 p.m. CST

SPRINGFIELD (AP) — A credit-rating agency has downgraded the credit worthiness of some financial aspects of four Illinois universities.

Moody's Investors Service noted the schools' heavy reliance on state money for operating expenses.

Schools affected are Northern Illinois University, Eastern Illinois University, Governors State University and Northeastern Illinois University.

The universities were placed under review for possible downgrade after Moody's downgraded the state's financial outlook to negative from stable in December. On Tuesday, it noted the schools' dependence on state funding and financial stress put on the universities by delayed state payments.

Rating agencies put Illinois credit among the worst of any state largely because of an ongoing $97 billion funding gap in state employee pension systems.

Northern — in DeKalb — is the state's third-largest university.

More News

 

National video



Reader Poll

When was the last time you visited someone in a nursing home?
Within the past week
Within the past month
Within the past year
Longer ago than a year
Never