Fair and Breezy
73°FFair and BreezyFull Forecast

NIU, 3 other Illinois universities' credit rating lowered

Published: Wednesday, March 20, 2013 8:01 a.m. CDT • Updated: Wednesday, March 20, 2013 8:03 a.m. CDT

SPRINGFIELD – A credit-rating agency has downgraded the credit worthiness of some financial aspects of four Illinois universities, including Northern Illinois.

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.

NIU is the state's third-largest university.

Get breaking and town-specific news sent to your phone. Sign up for text alerts from the Daily Chronicle.

Reader Poll

What is your favorite Rolling Stones album?
Beggars Banquet
Let it Bleed
Sticky Fingers
Exile on Main Street
Goats Head Soup