Thursday, June 29, 2017

Citing State Budget Woes, Moody's Downgrades Northern Illinois University - WNIJ

Northern Illinois University wasn't alone in the bond-rating downgrades announced Friday afternoon by Moody's Investors Service. The ratings agency also downgraded the University of Illinois, Illinois State, Northeastern, and Southern Illinois University. Moody's downgraded Northern Illinois University's rating on Auxiliary Facilities System Revenue Bonds (AFS) to Ba2 from Baa3 and the Certificates of Participation (COPs) rating to Ba3 from Ba1. According to the news release, the downgrades reflect NIU's "materially weaker operations and likelihood of weakening liquidity as the university attempts to cope with the failure of the State of Illinois to enact a full-year budget since fiscal 2015."

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