CHICAGO — Moody's Investors Service has affirmed the ratings on $2.4 billion of debt issued by eight Illinois public universities, taking the schools off watch list for a possible downgrade after a three-month review triggered by the state's downgrade and concerns over the schools' exposure to chronic delays in state aid.

"The watchlist action reflected the universities' material dependence on the state for operating funds under a challenging budget environment and extensive appropriation payment delays," Moody's wrote in its weekly credit outlook this week.

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