Moody's cuts credit ratings at U of I, other state universities

Lynn Russo Whylly's picture

Moody's Investors Service downgraded $1.56 billion of debt issued by the University of Illinois and lowered the ratings on six other state universities today, citing concerns about the state's underfunded pensions.

Shortly after the rating agency in June downgraded the state of Illinois to "A3" for its underfunded public pension system, it also put most Illinois public universities on review for downgrade.

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