...S&P Global Ratings assigned its '###-' long-term rating to Maryland Economic Development Corp.'s (MEDCO) series 2020 student housing revenue bonds (Thurgood Marshall Project). The outlook is negative. The approximately $80.8 million series 2020 bonds are nonrecourse obligations of MEDCO. Bond proceeds will be used to fund the construction of 670 semi-suite-style units as well as fund a debt service reserve fund equal to pro forma maximum annual debt service (MADS) of $8.6 million (approximately $2.3 million in the series 2012 DSRF and approximately $6.2 million in the series 2020 DSRF) and capitalized interest of $8.7 million. It is our understanding that the series 2020 bonds are being issued under the same indenture as the series 2012 bonds and the security granted bondholders in the latter issue will be cross-collateralized with the revenue that is generated from the Thurgood Marshall Project. The series 2012 bonds have $24.5 million currently outstanding, so we estimate total pro forma...
