Illinois' fiscal woes hit state university credit ratings

Crain's Chicago Business reports:

Illinois' credit woes are spreading to public universities and governments that have ties to appropriations from the cash-strapped state. Moody's Investors Service late on Monday downgraded the credit ratings of four universities and revised the rating outlooks on four others to negative because of their reliance on state funding and the negative outlook it slapped on Illinois' A2 rating in December.

The higher education bubble in action.