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* Bloomberg…
S&P Global Ratings upgraded four Illinois universities and took three others off watch for a potential downgrade because the state ended a standoff over the budget that had left the schools reeling from the loss of aid.
The legislature’s decision this month to override Gov. Bruce Rauner’s veto to enact the first full budget in two years lifted a financial threat to the state’s public colleges, which had been laying off employees, slashing spending and shuttering programs to cope with funding delays.
“These universities’ immediate liquidity risks as a result of the state’s failure to provide timely payment of operating appropriations are mitigated with the recent passage of the fiscal 2018 budget and retroactive payment anticipated for fiscal 2017,” Ashley Ramchandani, an S&P analyst, said in a statement on Monday.
Southern Illinois University and Governors State University had their ratings lifted one level to BB+, one step below investment grade. Northeastern Illinois University and Eastern Illinois University were upgraded one step to B+, four levels below investment grade. All four were moved from negative to stable outlooks.
posted by Rich Miller
Monday, Jul 24, 17 @ 1:36 pm
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Previous Post: *** UPDATED x7 - Oops in proclamation? - Pawar, Koehler, Kennedy, Biss, ILGOP, Pritzker respond *** Special session proclamation issued
Next Post: Fun with terribly confusing numbers
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“Rauner vetoed that”
Thank the 16 and 11 Republicans, and the Democrats willing to save Illinois.
Comment by Oswego Willy Monday, Jul 24, 17 @ 1:38 pm
On my campus (SIUC), our lousy bond rating just scuttled an effort to update our aging housing stock. But perhaps a slow climb up to fiscal respectability will allow the universities to start rebuilding. With Oswego Willy, thanks to all in the legislature who voted for the budget and overrode the Governor’s veto.
Comment by Doc Anonymous Monday, Jul 24, 17 @ 1:42 pm
This is a good thing, but it will take many years to recover from the damage Rauner has inflicted upon the state universities and community colleges.
Comment by DuPage Monday, Jul 24, 17 @ 1:57 pm
I think the real thanks should go to the working poor and middle classes. They are required to do the heavy lifting. Yet again.
Comment by blue dog dem Monday, Jul 24, 17 @ 2:00 pm
I’m sure the new messaging crew will have a release on this positive development soon.
Comment by wordslinger Monday, Jul 24, 17 @ 2:05 pm
Hopefully, more to come.
Comment by Norseman Monday, Jul 24, 17 @ 2:08 pm
Doc. SIUC housing stock has been horrible for 25 years. A few recent upgrades, but basically rotten. This University has issues. This community has issues Because of the University. But it is not just because of bad housing.
Comment by blue dog dem Monday, Jul 24, 17 @ 2:13 pm
This is good news, as well as the news that the state is not going junk status.
Thanks, again, to the brave Republicans and Democrats who risked their careers to do the right thing.
Comment by Grandson of Man Monday, Jul 24, 17 @ 2:22 pm
==Thanks, again, to the brave Republicans and Democrats who risked their careers==
I take it you’re not a fan of term limits?
Comment by City Zen Monday, Jul 24, 17 @ 2:37 pm
Attention Republican Legislators. Overriding the Governor is how you can best help your State right now.
Comment by Biscuit Head Monday, Jul 24, 17 @ 2:49 pm
=I take it you are not a fan of term limits?=
We have term limits already. Elections. I assume you vote.
Comment by JS Mill Monday, Jul 24, 17 @ 8:55 pm