Junking EIU
When will the madness end?
A great school. A school that gave so much to me.
Being junked.
From 2/25/16:
Moody's Investors Service, a national credit rating provider, has downgraded Eastern Illinois University because of growing financial instability as result of a lack of state funding. The credit-rating company downgraded Eastern Illinois University's Auxiliary Facilities System Revenue Bonds to Ba1 from Baa3 and the Certificates of Participation to Ba3 from Baa3.
From 6/30/16:
Moody's Investors Service downgrades Eastern Illinois University's (EIU's) Auxiliary Facilities System (AFS) Revenue Bonds to B1 from Ba1 and the Certificates of Participation (COPs) to Caa1 from Ba3. The outlook is negative. The downgrades reflect EIU's highly stressed financial position, nearly exhausting all of its liquidity at the close of FY 2016, the likely continuation of steep enrollment declines and no assurance on the timing or level of future state funding.
Jumping ahead nearly a full year...... nothing has been done in Springfield.
From 6/12/17:
Moody's Investors Service, a top credit rating provider, downgraded Eastern Illinois University's credit rating again Friday. Moody's downgraded EIU's Auxiliary Facilities System Revenue Bond from B1 to B2 and downgraded the Certificates of Participation from Caa1 to Caa2.
What a disservice to EIU!
What a disgrace to Illinois!
Out for now.......
Matt
