Loudoun County Industrial Development Authority, Virginia Howard Hughes Medical Institute, Maryland; Non-Profit Organizations

S&P Global Ratings affirmed its 'AAA' long-term issuer credit rating (ICR) and its 'A-1+' short-term issuer credit rating (ICR) to Howard Hughes Medical Institute (HHMI), Md. S&P Global Ratings also affirmed its 'AAA/A-1+' dual rating on Loudoun County Industrial Development Authority, Va.'s series 2019A, series 2013A multimodal tax-exempt revenue bonds, series 2003A-F variable rate bonds, and 2009B variable rate bonds, issued for HHMI. S&P Global Ratings also affirmed its 'AAA/A-1+' rating on Maryland Economic Development Corp.'s series 2008A and 2008B multimodal revenue bonds issued for HHMI. The outlook is stable. As of Aug. 31, 2019, HHMI had approximately $820.9 million of debt outstanding including bonds payable of $767.3 million, a $40.4 million note payable and $13.2 million capital lease obligation.

...S&P Global Ratings affirmed its '###' long-term issuer credit rating (ICR) and its 'A-1+' short-term issuer credit rating (ICR) to Howard Hughes Medical Institute (HHMI), Md. S&P Global Ratings also affirmed its '###/A-1+' dual rating on Loudoun County Industrial Development Authority, Va.'s series 2019A, series 2013A multimodal tax-exempt revenue bonds, series 2003A-F variable rate bonds, and 2009B variable rate bonds, issued for HHMI. S&P Global Ratings also affirmed its '###/A-1+' rating on Maryland Economic Development Corp.'s series 2008A and 2008B multimodal revenue bonds issued for HHMI. The outlook is stable. As of Aug. 31, 2019, HHMI had approximately $820.9 million of debt outstanding including bonds payable of $767.3 million, a $40.4 million note payable and $13.2 million capital lease obligation. HHMI's general obligation, full-faith-and-credit pledge secures the bonds. The ICR reflects the obligor's general creditworthiness, focusing on its capacity and willingness to meet...

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