...NEW YORK (S&P Global Ratings) Sept. 11, 2018--S&P Global Ratings raised its long-term rating on Maryland Economic Development Corp.'s (MEDCO) series 2015 student housing refunding revenue bonds issued on behalf of Bowie State University Project to '###-' from '##+'. The outlook is stable. This rating action affects approximately $15 million of bonds outstanding. The upgrade reflects our view of the project's continuing very strong occupancy rate of 100% for fiscal 2017 and 2018 and stronger-than-expected debt service coverage (DSC) based on maximum annual debt service (MADS) of 1.54x and 1.55x, respectively, with the latter figure based on unaudited results and both DSC figures calculated in accords with legal covenants. However, S&P Global Ratings calculates coverage at a slightly lower roughly 1.2x for both years factoring in subordinated ground lease payments as an expense. Also, factored into the upgrade is our understanding that fall 2018 occupancy is 100% and the budget for this year...
