Illinois’ public universities have now received all or most of their fiscal 2010 state aid appropriation — a credit positive for the schools — but ongoing liquidity strains are expected until the state solves its budget crisis, Moody’s Investors Service said Monday.

The risk posed by the state’s liquidity problems contributed to the downgrades of five of the eight universities rated by Moody’s in February, and left a negative watch attached to seven of the schools. The agency recently affirmed the ratings but assigned negative outlooks.

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