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

S&P Global Ratings assigned its 'BBB-' long-term rating to Maryland Economic Development Corp.'s (MEDCO) series 2020 student housing refunding revenue bonds, issued on behalf of Bowie State University (BSU; a member institution of University System of Maryland [USM]). The outlook is stable. The 'BBB-' rating reflects our view of the project's anticipated ability to generate solid occupancy given the current demand for student housing at BSU, the building's highly visible and strategic position on campus and features that include a new entrepreneurship center and ground floor retail space. In addition, the rating reflects our view of the project's multi-tiered governance and management with direct management provided by a professional management firm and some degree of oversight provided by BSU, USM,

...S&P Global Ratings assigned its '###-' long-term rating to Maryland Economic Development Corp.'s (MEDCO) series 2020 student housing refunding revenue bonds, issued on behalf of Bowie State University (BSU; a member institution of University System of Maryland [USM]). The outlook is stable. The '###-' rating reflects our view of the project's anticipated ability to generate solid occupancy given the current demand for student housing at BSU, the building's highly visible and strategic position on campus and features that include a new entrepreneurship center and ground floor retail space. In addition, the rating reflects our view of the project's multi-tiered governance and management with direct management provided by a professional management firm and some degree of oversight provided by BSU, USM, and MEDCO. These strengths, in our view, offset a projected annual debt service coverage just above 1.2x in the project's first year without using capitalized interest, the lack of a residency...

Summary