Standard&Poor's Ratings Services affirmed its 'BBB' long-term rating on Maryland Economic Development Corp.'s (Medco) series 2007A senior student housing (Towson University project) revenue bonds and Medco's series 2012 senior student housing revenue (Towson University project) bonds. The outlook is stable. Towson University is a member institution of the University System of Maryland (USM; AA+/Stable). Medco used series 2012 bond proceeds to acquire its second student housing facility, the 420-bed Millennium Hall, in addition to the 668-bed West Village-Phase I housing facility (two buildings) that it already owned known as the Paca and Tubman Houses, all located on the campus of Towson. The series 2007A and 2012 bonds are secured on a parity basis by net project revenues from
