Moody's Investors Service has downgraded the credit rating of one state university in Illinois — Northeastern Illinois University in Chicago.  The lower rating takes Northeastern well become so-called junk status. And the bond credit rating company says the rating could be lowered even further.

A report says the outlook for the Illinois economy is bleak. It was prepared by Moody's Analytics for the Commission on Government Forecasting and Accountability.

There's a reason analysts say Illinois has the nation's lowest credit rating. It has the nation's largest unfunded pension liability. A 2013 law that’s facing a challenge before the Illinois Supreme Court is intended to help. What affect will a court ruling have on the state's credit worthiness?