Maryland Economic Development Corp. Series 2024 Student-Housing Revenue Bonds Rated 'BBB-'; Outlook Stable

NEW YORK (S&P Global Ratings) June 26, 2024--S&P Global Ratings assigned its 'BBB-' rating and stable outlook to Maryland Economic Development Corp.'s (MEDCO) approximately $144.3 million series 2024 student-housing revenue bonds, issued for University of Maryland College Park's (UMCP) Leonardtown project. "We could revise the outlook to negative or lower the rating if the project's construction were to exceed the current construction schedule or budget; if graduate enrollment at the university were to decrease materially, weakening demand for graduate-student housing; if occupancy were weaker than expected; or if coverage were not consistent with current projections," said S&P Global Ratings credit analyst Nicholas Breeding. "While we would not likely raise the rating during the two-year outlook due to the timing of

...June 26, 2024 NEW YORK (S&P Global Ratings) June 26, 2024--S&P Global Ratings assigned its '###-' rating and stable outlook to Maryland Economic Development Corp.'s (MEDCO) approximately $144.3 million series 2024 student-housing revenue bonds, issued for University of Maryland College Park's (UMCP) Leonardtown project. "We could revise the outlook to negative or lower the rating if the project's construction were to exceed the current construction schedule or budget; if graduate enrollment at the university were to decrease materially, weakening demand for graduate-student housing; if occupancy were weaker than expected; or if coverage were not consistent with current projections," said S&P Global Ratings credit analyst Nicholas Breeding. "While we would not likely raise the rating during the two-year outlook due to the timing of project construction, we could revise the outlook to positive over time if the project were to open on time and underbudget with consistently very high occupancy...

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