S&P Global Ratings 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 series 2012 bonds had $27.66 million outstanding as of fiscal year-end June 30, 2017, exclusive of current portion of $980,000. The rating reflects our view of the nonrecourse security pledge of net revenues of the 794-bed apartment-style housing project (Morgan View Apartments), very strong demand for the project with occupancy rates currently in the 96% to 97% range and sufficient and improving debt service coverage (DSC). Although S&P Global Ratings reviewed the finances and demand of Morgan State University (MSU) to understand the project and the underlying demand for
