NEW YORK (Standard&Poor's) Oct. 4, 2012--Standard&Poor's Ratings Services assigned its 'AA+' rating, and stable outlook, to Maryland Economic Development Corp.'s (MEDCO) series 2012 lease revenue refunding bonds (Maryland Aviation Administration Facilities) [taxable]). "The rating reflects what we view as the State of Maryland's strong general credit quality," said Standard&Poor's credit analyst Richard Marino. "The rating also reflects what we consider the state's demonstrated commitment, both within the administrative and legislative branches, to repaying its appropriation-backed debt; and strong contractual provisions, which include an absolute and unconditional payment provision upon annual appropriation," Mr. Marino added. We understand that bond proceeds will be used to refund MEDCO's lease revenue bonds (Maryland Aviation Administration Facilities), series 2003
