...S&P Global Ratings affirmed its '###' long-term rating on Maryland Economic Development Corp.'s (Medco) series 2012 and 2017 senior student housing project and refunding revenue bonds issued for the Towson University project. The outlook is stable. The rating reflects S&P Global Ratings' view that the student housing projects has a strong connection with Towson University and University System of Maryland (USM) and steady demand as the project continues to generate at or near 100% occupancy annually, including in fall 2019 despite the university adding about 400 new beds. The rating also reflects our view of the project's adequate debt service coverage (DSC) for the rating at 1.5x according to management's calculation, which subordinates the ground lease payments and some additional management expenses. The project's DSC is weaker according to S&P Global Ratings' calculation, though still adequate, at 1.2x. Towson University is a member institution of USM (see the full analysis on the University...
