Standard&Poor's Ratings Services has assigned its 'BBB-' long-term rating to the $23.2 million Maryland Economic Development Corp.'s (MEDCO) series 2012 student housing revenue refunding bonds issued for the University Village at Sheppard Pratt. The purpose of the series 2012 bonds is to generate debt service savings. The rating is supported by consistently positive operating performance demonstrated by a history of solid coverage of net operating income to maximum annual debt service (MADS), full occupancy levels, and good demand based on the housing needs of Towson University. In addition, the rating reflects our opinion of MEDCO, an experienced student housing owner and manager American Campus Communities (ACC). Project revenues and a leasehold mortgage on the land and buildings secure
