Maryland Economic Development Corp.'s Parking Facility Revenue Bonds Assigned Various Ratings

CHICAGO (S&P Global Ratings) June 29, 2018--S&P Global Ratings assigned its 'BBB' rating to Maryland Economic Development Corp.'s (MEDCO) pro forma $54.4 million series 2018A-B senior parking facility revenue bonds and its 'BBB-' rating to MEDCO's $11.6 million series 2018C subordinate-lien parking facility revenue bonds using our "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises" criteria, published March 12, 2018. The outlook is stable. Bond proceeds will be used primarily to provide an upfront cash payment to the city as well as to defease the proportional debt of the city of Baltimore attributable to these three garages. "The ratings reflect our view of the parking system's strong enterprise risk profile and adequate financial risk profile," said S&P Global Ratings credit analyst

...CHICAGO (S&P Global Ratings) June 29, 2018--S&P Global Ratings assigned its '###' rating to Maryland Economic Development Corp.'s (MEDCO) pro forma $54.4 million series 2018A-B senior parking facility revenue bonds and its '###-' rating to MEDCO's $11.6 million series 2018C subordinate-lien parking facility revenue bonds using our "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises" criteria, published March 12, 2018. The outlook is stable. Bond proceeds will be used primarily to provide an upfront cash payment to the city as well as to defease the proportional debt of the city of Baltimore attributable to these three garages. "The ratings reflect our view of the parking system's strong enterprise risk profile and adequate financial risk profile," said S&P Global Ratings credit analyst Kevin Archer. The strong enterprise risk profile reflects the extremely strong economic fundamentals of the area, offset by high levels of competition for parking alternatives and...

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