A second major rating agency is downgrading Illinois' credit worthiness. Moody's Investors Service lowered the state's $27 billion in outstanding bond debt to A3 from A2. The new rating's three levels above junk status.
Officials at Northern Illinois University are responding to recent action taken by Moody’s. The investors’ service downgraded the credit rating for four Illinois universities, including NIU.
Moody's Investors Service is taking a pessimistic view of American colleges and universities. The agency says repeated increases in tuition are partly to blame.