A major credit agency raised debt ratings and affirmed others for seven Illinois universities in response to the state finally passing an annual budget.
S&P Global Ratings raised its debt ratings for Southern Illinois University, Governors State University, Northeastern Illinois University and Eastern Illinois University. It also affirmed ratings for the University of Illinois, Illinois State University and Western Illinois University.
Each school's rating was removed from "credit watch negative." The outlook for Western Illinois is "positive” while the others are rated "stable."
S&P says the effect of the General Assembly’s passage of a budget -- over Gov. Bruce Rauner's vetoes -- is not yet clear. It says hundreds of millions of dollars the state comptroller plans to distribute by the end of the month is crucial for liquidity.