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) 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 negative. The project issued approximately $50.5 million to build a residential facility to include approximately 557 suite and semi-suite style beds along with capitalized interest and a debt service reserve fund equal approximately equal to maximum annual debt service (MADS). The building will also have university also an entrepreneurial center, retail center, and a surface parking lot, all of which is being funding by the university. Debt service is about $2.4 million in the first year without capitalized interest

...S&P Global Ratings affirmed its '###-' long-term rating on 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 negative. The project issued approximately $50.5 million to build a residential facility to include approximately 557 suite and semi-suite style beds along with capitalized interest and a debt service reserve fund equal approximately equal to maximum annual debt service (MADS). The building will also have university also an entrepreneurial center, retail center, and a surface parking lot, all of which is being funding by the university. Debt service is about $2.4 million in the first year without capitalized interest in fiscal 2023 and increases gradually to $2.7 million in fiscal 2029 as it flattens through 2055 when debt fully amortizes. The rating reflects our view of project's anticipated ability to generate...

Summary