...S&P Global Ratings affirmed its '###-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) $26.6 million series 2015 (University of Maryland, Baltimore project) student housing refunding revenue bonds with a final maturity of July 1, 2039. The outlook is stable. University of Maryland, Baltimore (UMB) is a member institution of the University System of Maryland (USM). MEDCO used the majority of the series 2015 bond proceeds to refund all of its series 2003A bonds outstanding. The series 2003A bonds funded the development of a 337-bed student housing facility known as Fayette Square (Project) apartments. It is located on UMB's campus in downtown west Baltimore, and has been operational since 2004. The project is owned by MEDCO and will revert to USM upon full repayment of the series 2015 bonds. The rating reflects our view of the project's adequate occupancy that has remained at or above 90%, credit support provided by USM through UMB, and its adequate but somewhat weak financial...
