SPRINGFIELD — The Illinois’ continued state budget problems have prompted S&P Global Ratings to downgrade the credit worthiness of six state universities and the City Colleges of Chicago.
The credit house said it took action Thursday with the schools because it’s possible lawmakers and Gov. Bruce Rauner will fail to agree on an annual budget by the scheduled end of the legislative session May 31.
S&P downgraded the state-flagship University of Illinois to “A” from “A-plus.” It said it was keeping the rating three notches above the general state rate of “BBB.”
Other schools affected are Eastern Illinois University, Northeastern Illinois University, Southern Illinois University, Governors State University and Western Illinois University. Illinois State University retained an “A” rating.
S&P downgraded City Colleges four notches. The colleges’ credit hours dropped 22 percent from 2010-16.