Six Illinois universities saw their credit ratings dropped by Moody's Investors Services Monday due to the ongoing budget impasse.
The credit ratings of Eastern Illinois, Governors State, Northeastern Illinois, Northern Illinois, Southern Illinois and Western Illinois universities were downgraded due to their dependence on the state for funding. The lowered credit rating means it will cost the institutions more to borrow money. The credit rating agency noted that cuts to higher education funding are expected once a budget deal is struck.
Last week, both Moody's and Fitch Ratings downgraded the state's credit rating due to lack of a budget. Illinois, which has been operating without a budget for almost five months, has the lowest credit rating of all the states in the nation.