Moody's Downgrades More Illinois Universities - News and Weather For The Quad Cities -

Moody's Downgrades More Illinois Universities

Updated:
  • Most Popular StoriesMost Popular StoriesMore>>

  • 13 Dead in Mount Everest Avalanche

    13 Dead in Mount Everest Avalanche

    Friday, April 18 2014 4:36 AM EDT2014-04-18 08:36:52 GMT
    KATMANDU, Nepal (AP) - A Nepalese tourism official says six local guides have been killed and nine more are missing after an avalanche swept a route used to ascend the world's highest peak. Nepal TourismMore >>
    KATMANDU, Nepal (AP) - A Nepalese tourism official says six local guides have been killed and nine more are missing after an avalanche swept a route used to ascend the world's highest peak. Nepal TourismMore >>
  • More Arrests In Patriot Mobile Home Park Sex Abuse Investigation

    More Arrests In Patriot Mobile Home Park Sex Abuse Investigation

    Wednesday, April 16 2014 6:22 PM EDT2014-04-16 22:22:54 GMT
    After the recent sex abuse investigation at the Patriot Mobile Home Park, the Scott County Sex Offender Task Force and several other agencies have served warrants for several others located at the park. SherryMore >>
    After the recent sex abuse investigation at the Patriot Mobile Home Park, the Scott County Sex Offender Task Force and several other agencies have served warrants for several others located at the park. SherryMore >>
  • Some Davenport Children In Recent Sexual Abuse Case, Also Used In Making Child Porn

    Some Davenport Children In Recent Sexual Abuse Case, Also Used In Making Child Porn

    Thursday, April 17 2014 7:26 PM EDT2014-04-17 23:26:16 GMT
    All this week, we've been telling you about a sex abuse investigation at the Patriot Mobile Home Park in Davenport. That's where mothers, entrusted with the safety of their children are now accused ofMore >>
    All this week, we've been telling you about a sex abuse investigation at the Patriot Mobile Home Park in Davenport. That's where mothers, entrusted with the safety of their children are now accused ofMore >>

Moody's has downgraded $1.56 billion of debt issues by the University of Illinois and lowered the ratings of six other state universities. Those include Illinois State University, Southern Illinois University, Eastern Illinois University, Western Illinois University, Northeastern Illinois University and Governors State University.

"As state leaders continue to put off work on necessary pension reform, Moody's Investors Service has more bad news for Illinois," said Illinois State Treasurer Dan Rutherford in a statement.

The state's downgrade means that when Illinois tries to borrow money, it faces a higher interest rate, just like someone who tries to get a car loan with maxed out credit cards.

"Though these additional downgrades should sound an alarm, I am not sure state leaders will allow themselves to hear it," explained Treasurer Rutherford.  "The Moody's report states that these universities are being downgraded because they rely heavily on the state of Illinois for finances; and as we should all know by this point, the state's pension funding crisis is suffocating other essential spending."  Moody's did note that further inaction on pension reform will continue to add pressure to state operating appropriations.