Standard&Poor's Ratings Services has affirmed its 'BBB-' long-term rating on 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), good demand for the project with occupancy rates above 95%, and good debt service coverage (DSC). While Standard&Poor's reviewed the finances and demand of Morgan State University (MSU; A+/Stable) to understand the project, the university, and the underlying demand for the project, the bond rating on the project does not reflect the underlying credit characteristics of the university. (For more information, please refer
