CENTENNIAL (S&P Global Ratings) July 15, 2020--S&P Global Ratings lowered its long-term ratings to 'BB' from 'BBB' on the Maryland Economic Development Corp.'s (MEDCO) series 2018 A-B senior parking facility revenue bonds and to 'BB-' from 'BBB-' on MEDCO's series 2018C subordinate-lien parking facility revenue bonds. The outlook is negative. For additional information, see "Ratings Outlooks On U.S. Transportation Infrastructure Issuers Revised To Negative Due To COVID-19 Pandemic," published March 26, 2020, on RatingsDirect. "The rating action reflects our expectation that demand for the pledged MEDCO parking facilities will be materially depressed or unpredictable for 2020 and beyond as a result of the ongoing COVID-19 pandemic and associated effects we believe are outside of management's control," said S&P Global Ratings
