By Joe Ragusa
NORMAL – Illinois State University has been spared from having its credit rating downgraded by Moody’s Investors Service, a claim six other public universities cannot make.
ISU Chief of Staff Jay Groves said there are a variety of reasons why Moody’s decided to affirm the university’s A3 rating.
“We have set enrollment records for the last two years in a row,” Groves said. “Our applications for next fall are coming in very strong. We have low bond indebtedness.”
The University of Illinois was the only other public university in the state to keep its credit rating. Moody’s said the outlook for every university is negative due to the state’s budget impasse and the uncertainty surrounding potential cuts to higher education.
Joe Ragusa can be reached at joe.ragusa@cumulus.com.
