CHICAGO — Moody’s Investors Service hit seven of eight Illinois public universities with a downgrade Friday, including the flagship University of Illinois in action that cuts more than $2 billion of rated debt primarily over exposure to the state’s fiscal woes.

The downgrades and one affirmation were released Friday and conclude Moody’s review of the eight schools launched on June 10 after it downgraded the state. All the universities were assigned negative outlooks. The state carries an A3 general obligation rating and negative outlook from Moody’s.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.