U of I's credit rating moves from negative to stable
SPRINGFIELD, Ill. (WRSP) —
S & P upgraded the University of Illinois's credit rating from "negative" to "stable"
The entire U of I system is now no longer at risk of being downgraded any further.
They did receive at least one downgrade during the budget impasse, any diminishment of credit rating results in a higher cost of debt for the university.
Despite a 10 percent cut in funding, the certainty of a budget will help the university and it's students thrive.
"What it does is give in-state tuition to students in Illinois, predictability because they were getting worried,” said Dean Ron McNeil, with the UIS Business Department. “ ‘Can we finish a degree?’ There were rumors universities would close down some of them. All of that became part of what helps the students, helps the state."
U of I and Illinois State University have the highest credit ratings in Illinois.