Maryland Economic Development Corp.; Auxiliary - Stand Alone

S&P Global Ratings affirmed its 'BBB-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) existing series 2012 student housing refunding revenue bonds (Morgan State University Project); the student housing facility is known as the Morgan View Apartments and will hereinafter be referred to as such. The outlook is negative. On March 25, 2020, we revised MEDCO's Morgan View project's outlook to negative along with all other U.S. higher education privatized (off balance sheet, or OBS) student housing projects in the wake of the COVID-19 pandemic and the uncertainties surrounding the ultimate economic fallout (see report U.S. Higher Education Privatized Student Housing Projects Outlook Revised to Negative on Potential COVID-19 Impact, published March 25, 2020, on RatingsDirect While the Morgan View

...S&P Global Ratings affirmed its '###-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) existing series 2012 student housing refunding revenue bonds (Morgan State University Project); the student housing facility is known as the Morgan View Apartments and will hereinafter be referred to as such. The outlook is negative. On March 25, 2020, we revised MEDCO's Morgan View project's outlook to negative along with all other U.S. higher education privatized (off balance sheet, or OBS) student housing projects in the wake of the COVID-19 pandemic and the uncertainties surrounding the ultimate economic fallout (see report U.S. Higher Education Privatized Student Housing Projects Outlook Revised to Negative on Potential COVID-19 Impact, published March 25, 2020, on RatingsDirect While the Morgan View project was not greatly affected in fiscal 2020, due to the fact that it remained opened with a healthy, though slightly diminished, occupancy post mid-March 2020 when the campus effectively...

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