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Illinois Universities' Credit Ratings Downgraded

The credit rating for seven public Illinois universities has been downgraded by Moody's Investors Service.

The downgrades affect a combined $2.4 billion in debt, most of which belongs to the University of Illinois.

Moody's attributes its decisions to the state's history of unpaid bills and its $100 billion pension crisis.

The agency also warns more decreases could take place in the future.