U of Illinois wants to separate credit rating from state



Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

SPRINGFIELD, Ill. (AP) — A University of Illinois financial official says the state's low credit ratings are dragging down the university's credit and he wants to have the two separated.

Walter Knorr is the university's chief financial officer. He said during a financial update at a meeting of university trustees Thursday that he has begun talks with Moody's Investors Service about "decoupling" the state school's credit rating from the state government's rating.

Knorr said "we're really dragging the anchor with the state of Illinois."

Knorr said Moody's gives the university an AA rating with a negative outlook that he believes should be higher. AAA is the highest rating and lowers borrowing costs.

The state's credit ratings are the lowest among the 50 states and have been hurt by budget and pension shortfalls.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Associated Press

    SIGN UP FOR THE KSL.COM NEWSLETTER

    Catch up on the top news and features from KSL.com, sent weekly.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast