Illinois now has five public universities with junk-bond credit ratings. That has to be some kind of record.
Last week, S&P Global Ratings lowered the credit score of both Southern Illinois University and Western Illinois University into junk-bond status. Eastern, Northeastern, and Governor’s State were already in junk-bond territory, and their ratings were lowered even further last week. The University of Illinois, the state’s flagship, was also downgraded to just three notches above junk status and put, with the rest of the universities, on a “credit watch with negative implications” – meaning it could be downgraded again within 90 days.