NEW YORK (Standard&Poor's) May 18, 2012--Standard&Poor's Ratings Services has raised its long-term rating to 'BBB' from 'BBB-' on Maryland Economic Development Corp.'s (Medco) $33.49 million series 2007A senior student housing (Towson University project) revenue bonds and assigned its 'BBB' rating to Medco's $16.11 million series 2012 revenue refunding bonds (Towson University project). "We raised the rating on the series 2007A bonds due to strong demand for on-campus student housing and adequate debt service coverage," said Standard&Poor's credit analyst Kenneth Rodgers. The 'BBB' rating reflects Standard&Poor's assessment of: The projects' successful initial years of operations; The project's strong relationship with Towson University; Towson University's growing enrollment and designation as the primary growth institution
