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Moody's Downgrades Credit Rating For 6 Illinois Universities

NIU's Altgeld Hall
Susan Stephens
/
WNIJ
NIU's Altgeld Hall

Six Illinois universities have seen their credit ratings lowered
because of the state's ongoing budget stalemate.
 
 Moody's Investors Service on Monday downgraded ratings for Eastern Illinois,
Governors State, Northeastern Illinois, Northern Illinois, Southern Illinois and
Western Illinois universities.

 The agency says a significant portion of the universities' funding comes from
the state, which is about to enter its fifth month without a budget.
 
 Moody's also notes that cuts to higher education spending are likely once
Republican Gov. Bruce Rauner and Democrats who control the Legislature agree on
a spending plan.
 
     The lower a credit rating, the higher the cost of borrowing money.
 
 Moody's and Fitch Ratings downgraded the state's credit rating last week
because of the financial crisis. Illinois already had the lowest rating of any
state.