Illinois's Seven Universities Face Downgrades Over Budget Morass
- Lack of spending plan is draining liquidity, Moody’s says
- University of Illinois, the flagship, among those reviewed
The Illini Union Building at the University of Illinois in Champaign, Illinois.
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Another day, another blow to institutions that rely on Illinois.
Moody’s Investors Service placed all seven of the state’s public universities it rates on review for downgrades as the unprecedented budget impasse leaves the aid-dependent schools burning through cash. Illinois hasn’t had a full-year spending plan for more than 21 months, and the most recent one ran only through the end of 2016.