Officials at the University of Illinois are not suprised by Moody’s debt rating downgrade. They say the Moody’s report compliments the university on its efforts to control finances while facing the state’s financial hurdles.
Spokesman Tom Hardy says looking forward, a 77 million dollar upgrade to the hospital on the Chicago campus will see a small delay.
“We don’t have the final rating for that debt offering from Moody’s yet. So we’re probably going to wait a another week or two before we do that.”
Hardy says they U of I also has plans to borrow money at the end of the year to renovate the State Farm Center and to rehab some dorms in the Ikenberry Commons area.
Hardy says the downgraded debt rating will have no effect on the university’s immediate finances as most of its current debt has a fixed intrest rate. The U of I is one of seven universities that received a downgrade.