Standard&Poor's Ratings Services assigned its 'BBB-' long-term rating to Maryland Economic Development Corp.'s (MEDCO) series 2012 student housing refunding revenue bonds (Morgan State University Project). The outlook is stable. The rating reflects our view of the nonrecourse security pledge of net revenues of the 794-bed apartment style housing project (Morgan View Apartments) originally funded by the series 2002A bonds. MEDCO also has outstanding approximately $300,000 series 2002B subordinated bonds (not rated by S&P), which management indicates will be paid off through excess project revenues in November 2012. The series 2012 bond proceeds will be used to refund the series 2002A bonds. While Standard&Poor's reviewed the finances and demand of Morgan State University (A+/Stable) in order to
