Standard&Poor's Ratings Services affirmed its 'BBB-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) existing 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 greater than 95%, and good debt service coverage (DSC). Although Standard&Poor's reviewed the finances and demand of Morgan State University (MSU; A+/Stable) to understand the project 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 see the full
