Summary: Bowie State University, Maryland Maryland Economic Development Corp.; Auxiliary - Stand Alone

S&P Global Ratings lowered its long-term rating to 'BB+' from 'BBB-' on Maryland Economic Development Corp.'s (MEDCO) series 2020 student housing revenue bonds, issued for Bowie State University's (BSU) Entrepreneurship Living Learning Community (ELLC) project. The outlook is negative. The downgrade reflects our view of lower-than-expected occupancy at ELLC in fall 2023 and fall 2024, resulting in debt service coverage (DSC) of 1.05x in fiscal 2024, the project's third full year of operations. The negative outlook reflects our expectation that the project will likely fail to meet 1.2x covenanted coverage again in fiscal 2025. In our view, a trend of occupancy near current levels and DSC near or below 1.2x could result in a downgrade. ELLC project revenue and assets

...+ S&P Global Ratings lowered its long-term rating to '##+' from '###-' on Maryland Economic Development Corp.'s (MEDCO) series 2020 student housing revenue bonds, issued for Bowie State University's (BSU) Entrepreneurship Living Learning Community (ELLC) project. + The outlook is negative. + The downgrade reflects our view of lower-than-expected occupancy at ELLC in fall 2023 and fall 2024, resulting in debt service coverage (DSC) of 1.05x in fiscal 2024, the project's third full year of operations. + The negative outlook reflects our expectation that the project will likely fail to meet 1.2x covenanted coverage again in fiscal 2025. In our view, a trend of occupancy near current levels and DSC near or below 1.2x could result in a downgrade....

Summary