State pension problems hurt public universities

By WEEK Producer

State pension problems hurt public universities

August 14, 2013 Updated Aug 14, 2013 at 11:16 AM CDT

SPRINGFIELD, Ill. -- Illinois' pension woes are causing more trouble for the state's public universities.

Illinois State University is one of seven universities to receive a bond rating downgrade by Moody's Investors Service.

On Friday, ISU's rating was lowered from A2 to A3, affecting $132 million of its Auxiliary Facilities Revenue Bonds and Certificates of Participation.

Moody's attributes the downgrade to Illinois' history of unpaid bills and its $100 billion pension backlog.

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.