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BRIEF-S&P says Eastern Illinois University AFS bonds, COPs ratings lowered to 'B' from 'BB', placed on CreditWatch negative
April 20, 2017 / 10:26 PM / 3 months ago

BRIEF-S&P says Eastern Illinois University AFS bonds, COPs ratings lowered to 'B' from 'BB', placed on CreditWatch negative

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April 20 (Reuters) - S&P Global Ratings:

* S&P says Eastern Illinois University AFS bonds, COPs ratings lowered to 'B' from 'BB', placed on CreditWatch negative

* Says lowered SPUR to 'B' from 'BB' on Eastern Illinois University's outstanding certificates of participation

* Lowered ratings reflect view of Eastern Illinois University's declining enrollment, very slim available resources, dependence on state appropriations for operations

* Downgrade reflects view of affect of Illinois' severe budgetary challenges, as demonstrated by nearly 2-year budget impasse, on EIU's financial position

* Says "it is our opinion that state appropriations to public universities in Illinois will remain uncertain in the intermediate term" Source text: (bit.ly/2oVMmA0)

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