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 (general obligation [GO]: AAA/Stable) strong general credit quality; Maryland'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. We understand that the proceeds of the 2012 bonds will be used to refund MEDCO's lease revenue bonds (Maryland Aviation Administration Facilities), series 2003 (2003 bonds). The 2003 bonds were issued to finance the acquisition and construction of the expansion and renovation
