The University of Illinois' Chief Financial Officer says the state of Illinois is dragging its credit rating down.
Walter Knorr told the U of I's board of trustees at a meeting today that he's in talks with credit rating agency Moody's Analytics to have the school "decoupled" from the state.
He says "We're really dragging the anchor with the state of Illinois."
Knorr joked with University officials that he’s a constant bearer of bad news in his reports to the board of trustees.
"I've been reported that they're depressing. So starting in July, I'll be singing all of the reports. *laughter*"
The U of I has a double-A rating with a negative outlook. Knorr says without the state's effect, the University's rating would be higher.
A lower credit rating makes it more expensive to borrow money, especially for long-term projects like construction and maintenance of buildings.
Knorr says state grant suspensions last month have already halted several construction projects across the University of Illinois system.
