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Eastern’s credit rating upgraded by S&P Global

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Eastern’s credit rating has been upgraded by S&P Global Ratings as a result of the state of Illinois passing a budget in July, ending an impasse lasting three fiscal years.

The university was upgraded one step to B+, four levels below investment grade, according to Bloomberg.

Northeastern Illinois University was also upgraded to B+, with Southern Illinois University and Governors State having their ratings lifted to BB+.

All four of these universities were moved from negative to stable outlooks, as reported by Bloomberg.

The University of Illinois and Illinois state university are no longer at a risk of being downgraded after having the outlooks on their A- ratings upgraded to stable from negative. Western Illinois University’s outlook on their BB- rating was raised to positive from negative as well.

S&P analyst Ashley Ramchandani said in a statement to Bloomberg that “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.”

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The student news site of Eastern Illinois University in Charleston, Illinois.
Eastern’s credit rating upgraded by S&P Global