Summary: Maryland Economic Development Corp.; Auxiliary - Stand Alone

S&P Global Ratings affirmed its 'BBB-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) $26.6 million series 2015 student housing refunding (University of Maryland, Baltimore Project) revenue bonds with a final maturity of July 1, 2039. The outlook is stable. University of Maryland, Baltimore (UMB) is a member institution of the University System of Maryland (USM). MEDCO used the majority of the series 2015 bond proceeds to refund all of its outstanding series 2003A bonds. The outstanding series 2003A bonds funded the development of a 337-bed student housing facility known as Fayette Square (Project) apartments. It is located on UMB's campus in downtown west Baltimore, and has been operational since 2004. The project is owned by MEDCO and will revert

...S&P Global Ratings affirmed its '###-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) $26.6 million series 2015 student housing refunding (University of Maryland, Baltimore Project) revenue bonds with a final maturity of July 1, 2039. The outlook is stable. University of Maryland, Baltimore (UMB) is a member institution of the University System of Maryland (USM). MEDCO used the majority of the series 2015 bond proceeds to refund all of its outstanding series 2003A bonds. The outstanding series 2003A bonds funded the development of a 337-bed student housing facility known as Fayette Square (Project) apartments. It is located on UMB's campus in downtown west Baltimore, and has been operational since 2004. The project is owned by MEDCO and will revert to USM upon full repayment of the series 2015 bonds. (For more information, see our full analysis on University System of Maryland published Jan. 29, 2016, on RatingsDirect.) The rating reflects our view of the project's reasonably...

Summary