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

S&P Global Ratings revised the outlook to stable from negative and affirmed its 'BBB-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) series 2020 (Thurgood Marshall Project) and 2012 (Morgan View Project) student housing revenue bonds. The outlook revision reflects our view of the project's response to the uncertainties surrounding the economic fallout related to the COVID-19 pandemic and the related lack of impact on the new project during construction, as the Thurgood Marshall Project has continued construction on schedule despite global supply chain shortages and has not exceeded its construction budget at time of review. The outlook further reflects our view of what has historically been a strong relationship between Morgan State University (MSU) and the project, and our

...S&P Global Ratings revised the outlook to stable from negative and affirmed its '###-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) series 2020 (Thurgood Marshall Project) and 2012 (Morgan View Project) student housing revenue bonds. The outlook revision reflects our view of the project's response to the uncertainties surrounding the economic fallout related to the COVID-19 pandemic and the related lack of impact on the new project during construction, as the Thurgood Marshall Project has continued construction on schedule despite global supply chain shortages and has not exceeded its construction budget at time of review. The outlook further reflects our view of what has historically been a strong relationship between Morgan State University (MSU) and the project, and our expectation that it will continue to strengthen given the university's commitment to Thurgood Marshall Project's success. The stable outlook also reflects our expectation that demand will remain strong...

Summary