Standard&Poor's Ratings Services assigned its 'BBB-' rating and stable outlook to Maryland Economic Development Corp.'s series 2013 Frostburg State University project (Edgewood Commons) housing revenue refunding bonds. The purpose of the series 2013 bonds is to refund the corporation's series 2002A and 2002B bonds that funded a 40-bed student housing project completed in 2003 on Frostburg State University's campus. While the original bond issuance contained a tranche of subordinate-lien debt, after the issuance of the series 2013 bonds, there will be no subordinate-lien bonds outstanding. It is our understanding the bonds are being issued for a present value savings of approximately $2.6 million. The project has achieved, in our opinion, adequate-to-solid debt service coverage (DSC) since fiscal 2009;
