Standard&Poor's Ratings Services assigned its 'BB' long-term rating to Maryland Economic Development Corp.'s (MEDCO) $16.755 million series 2015 student housing refunding revenue bonds with a final maturity of June 1, 2033. The outlook is stable. The $16.755 million series 2015 bond proceeds along with funds on hand under the existing trust indenture will be used to currently refund MEDCO's series 2003 student housing revenue bonds. This refunding is being undertaken for debt service savings with no change in bond structure. The series 2003 student housing revenue bonds were originally issued to finance construction of a 460-bed student housing facility (Christa McAuliffe Residential Community (CMRC) project) located on the campus of Bowie State University (not rated; BSU or the
