Downgraded Credit for 15 Illinois Community Colleges

Moody's recently downgraded 15 of Illinois's 27 community colleges because of the yearlong budget impasse in the Legislature.

"While most of the state's community colleges have strong ratings due to sound reserves and diverse revenue streams, the state's fiscal challenges have weakened the colleges' finances and left them vulnerable to further state aid delays and potential increases in pension costs," Moody's said.

Twenty-three of the colleges now have "negative" outlooks and could possibly see additional downgrades.