CHICAGO (S&P Global Ratings) Nov. 13, 2020--S&P Global Ratings assigned its 'BBB-' long-term rating to Maryland Economic Development Corp.'s (MEDCO) series 2020 student housing revenue bonds (Thurgood Marshall Project). The outlook is negative. The approximately $80.8 million series 2020 bonds are nonrecourse obligations of MEDCO. Bond proceeds will be used to fund the construction of 670 semi-suite style units as well as fund a debt service reserve fund equal to pro forma maximum annual debt service of $8.6 million (approximately $2.3 million in the series 2012 DSRF and approximately $6.2 million in the series 2020 DSRF) and capitalized interest of $8.7 million. It is our understanding that the series 2020 bonds are being issued under the same indenture as the
