...S&P Global Ratings assigned its '###-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) approximately $21.2 million series 2022 refunding revenue bonds. At the same time, S&P Global Ratings affirmed its '###-' long-term rating on MEDCO's series 2020 (Thurgood Marshall Project) and 2012 (Morgan View Project) student housing revenue bonds. The outlook is stable. Proceeds derived from the issuance of the series 2022 bonds will be used to refund the series 2012 bonds outstanding, creating an estimated $1 million in net savings over the next 12 years. The new issuance will also fund a debt service reserve fund (DSRF) equal to pro forma maximum annual debt service (MADS) of approximately $2.2 million on the series 2022 bonds which, when combined with the balance of the series 2020 DSRF, brings the combined reserve to approximately $8.3 million. The bonds will be issued on parity and cross-collateralized with the existing series 2020 bonds and will be secured by combined gross...
