EIU Media Relations

Eastern Illinois University earns upgrade from Moody’s Ratings

Diverse program mix, robust reserves, stable State support prompt positive adjustment

(Charleston, IL) – Eastern Illinois University leaders are excited to announce that Moody's Ratings (Moody’s) has upgraded EIU’s issuer rating and Auxiliary Facilities System (AFS) bond status.

“This upgrade validates our sustained efforts to improve EIU’s financial position over the past decade,” said EIU President Jay Gatrell. “It’s exceptional news, and a testament to the commitment of our employees and our entire network of community support.”

Specifically noted by Moody’s as contributions to the upgrade include:

• A strategic program mix that supports regional workforce needs and enforces EIU’s academic reputation;
• A considerable improvement in the financial position over the last several years including balance sheet gains;
• An improved operating performance underpinned by the State of Illinois’ fiscal condition.

Other reasons listed for EIU’s upgrade included EIU’s anticipated abilities to maintain stable enrollment in a competitive market and to meaningfully adjust its revenue strategies.

“This upgrade is the result of the EIU community’s commitment to being a responsible steward of public funds and student dollars,” added Vice President for Business Affairs Matt Bierman. “Our steady, disciplined approach is what allowed EIU to earn this critical upgrade, and that approach will continue to position EIU for a successful future.”

The Moody’s summary specifically shared that “Moody's Ratings (Moody's) has upgraded Eastern Illinois University's (EIU) issuer rating and Auxiliary Facilities System (AFS) bonds to Baa3 from Ba1 and Certificates of Participation (COPs) to Ba1 from Ba2. The upgrade of Eastern Illinois University's issuer rating to Baa3 reflects management's effective financial management, improving enrollment and consistently generating improved operations and liquidity growth, a governance consideration under Moody's ESG Framework. Further, continued strengthening of the State of Illinois' (A3 positive) financial condition will provide for positive downstream effects to the university and more stability in the State funding landscape.”

Moody’s is a leading credit ratings, research, and risk analysis provider. The firm provides independent, third-party analysis to sovereign nations, public and corporate debt issuers, and universities around the country. Investors use credit ratings to measure creditworthiness and risk, and generally measure financial strength and capacity.

EIU prepares students to accomplish their life goals through a combination of quality academics, personal relationships, and both on-campus and online learning opportunities. For more information about Eastern Illinois University, including its broad array of academic and career readiness programs, or any of EIU’s other community-based services and opportunities, visit eiu.edu or call EIU’s public information office at (217) 581-7400.