Post by Logan on Jul 6, 2016 2:36:50 GMT -6
Too little, too late: Moody's downgrades SIU's credit rating — again
CARBONDALE — Chalk it up to too little, too late.
On Thursday, the same day lawmakers agreed to stopgap budget deal for higher education, SIU’s credit rating was downgraded — again — by Moody’s Investors Service.
The ratings agency stated in a news release that the downgrades to a combined $270 million in bonds reflect SIU's heavy reliance on unstable state funding, causing a negative impact on cash flow, an already modest liquidity profile and enrollment.
SIU was one of six public universities hit by downgrades Thursday even as lawmakers and Gov. Bruce Rauner, in a rare display of bipartisanship, reached accord on several spending plans on the eve of a new fiscal year.
That deal included a $1 billion Band-Aid budget for higher education intended to carry public universities and community colleges through at least December, and provide funds for Monetary Award Program funds — commonly called MAP grants — issued during the previous fiscal year.
Read more: thesouthern.com/news/local/siu/too-little-too-late-moody-s-downgrades-siu-s-credit/article_1b725fb6-37b8-568a-8aa5-8214e109675f.html
CARBONDALE — Chalk it up to too little, too late.
On Thursday, the same day lawmakers agreed to stopgap budget deal for higher education, SIU’s credit rating was downgraded — again — by Moody’s Investors Service.
The ratings agency stated in a news release that the downgrades to a combined $270 million in bonds reflect SIU's heavy reliance on unstable state funding, causing a negative impact on cash flow, an already modest liquidity profile and enrollment.
SIU was one of six public universities hit by downgrades Thursday even as lawmakers and Gov. Bruce Rauner, in a rare display of bipartisanship, reached accord on several spending plans on the eve of a new fiscal year.
That deal included a $1 billion Band-Aid budget for higher education intended to carry public universities and community colleges through at least December, and provide funds for Monetary Award Program funds — commonly called MAP grants — issued during the previous fiscal year.
Read more: thesouthern.com/news/local/siu/too-little-too-late-moody-s-downgrades-siu-s-credit/article_1b725fb6-37b8-568a-8aa5-8214e109675f.html