CHF Merrimack Inc., MA's Series 2024A-B Student Housing Revenue Bonds Assigned 'BB' Rating; Outlook Stable

ENGLEWOOD (S&P Global Ratings) May 17, 2024--S&P Global Ratings assigned its 'BB' long-term rating to Massachusetts Development Finance Agency's approximately $95.2 million tax-exempt series 2024A and $590,000 taxable series 2024B student housing revenue bonds, issued for CHF Merrimack Inc., the sole member of which is Collegiate Housing Foundation. The outlook is stable. Bond proceeds will finance the construction and furnishing of a two-building, 540-bed residential housing project on the campus of Merrimack College. Bond proceeds will also fund capitalized interest, operating contingency funds, and the debt service reserve fund. "The rating reflects our view of the project's significance to Merrimack College," said S&P Global Ratings credit analyst Megan Kearns. The college has impressive demand trends, generating full-time-equivalent enrollment growth of

...May 17, 2024 ENGLEWOOD (S&P Global Ratings) May 17, 2024--S&P Global Ratings assigned its '##' long-term rating to Massachusetts Development Finance Agency's approximately $95.2 million tax-exempt series 2024A and $590,000 taxable series 2024B student housing revenue bonds, issued for CHF Merrimack Inc., the sole member of which is Collegiate Housing Foundation. The outlook is stable. Bond proceeds will finance the construction and furnishing of a two-building, 540-bed residential housing project on the campus of Merrimack College. Bond proceeds will also fund capitalized interest, operating contingency funds, and the debt service reserve fund. "The rating reflects our view of the project's significance to Merrimack College," said S&P Global Ratings credit analyst Megan Kearns. The college has impressive demand trends, generating full-time-equivalent enrollment growth of 34% over the last seven years with 5,432 students in fall 2023. We expect positive enrollment trends will continue. Occupancy...

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