NEW YORK (S&P Global Ratings) March 15, 2023--S&P Global Ratings lowered its rating on Maryland Economic Development Corp.'s (MEDCO) series 2013 housing revenue refunding bonds, issued for the Edgewood Commons housing project on Frostburg State University's campus, one notch to 'BB' from 'BB+'. The outlook is negative. The rating action reflects our opinion of the university's significant enrollment decreases during the past three years that have resulted in lower occupancy compared with historical levels and debt service coverage (DSC) below the project's 1.2x covenant in fiscal 2022 and projected DSC below 1.2x in the coming fiscal years. In our opinion, the project has limited reserves beyond its debt-service-reserve fund. "We could lower the rating further if the project's occupancy were
