Maryland Economic Development Corp. 2015 Student Housing Refunding Revenue Bonds Assigned 'BBB-' Rating

NEW YORK (Standard&Poor's) March 11, 2015--Standard&Poor's Ratings Services said that it assigned its 'BBB-' long-term rating to Maryland Economic Development Corp.'s (MEDCO) $27.93 million series 2015 student housing refunding (University of Maryland, Baltimore Project) revenue bonds with a final maturity of July 1, 2039. The outlook is stable. The University of Maryland, Baltimore is a member institution of the University System of Maryland (USM; 'AA+/Negative'). MEDCO intends to use the majority of the series 2015 bond proceeds to current refund all of its outstanding series 2003A bonds. The outstanding series 2003A bonds funded the development of a 337-bed student housing facility known as Fayette Square (Project) apartments on the campus of the University of Maryland, Baltimore

...NEW YORK (Standard & Poor's) March 11, 2015--Standard & Poor's Ratings Services said that it assigned its '###-' long-term rating to Maryland Economic Development Corp.'s (MEDCO) $27.93 million series 2015 student housing refunding (University of Maryland, Baltimore Project) revenue bonds with a final maturity of July 1, 2039. The outlook is stable. The University of Maryland, Baltimore is a member institution of the University System of Maryland (USM; '##+/Negative'). MEDCO intends to use the majority of the series 2015 bond proceeds to current refund all of its outstanding series 2003A bonds. The outstanding series 2003A bonds funded the development of a 337-bed student housing facility known as Fayette Square (Project) apartments on the campus of the University of Maryland, Baltimore in downtown west Baltimore and which has been operational since 2004. The project is owned by MEDCO and will revert to USM on full repayment of the series 2015 bonds. "The rating assigned reflects our view...

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