S&P Global Ratings affirmed its 'BBB-' rating on Maryland Economic Development Corp.'s (MEDCO) series 2015 student-housing refunding revenue bonds, issued for Bowie State University (BSU)'s Christa McAuliffe Residential Community (CMRC) project. The outlook is stable. CMRC's project revenue and assets secure the bonds. A leasehold mortgage further secures the bonds. As of June 30, 2022, the project's total debt outstanding was $11.9 million: solely series 2015 revenue bonds. The bonds' debt-service schedule is generally flat through maturity in 2033 with a maximum annual debt service (MADS) of approximately $1.4 million in 2027. The project maintains reserve funds that, as of fiscal year-end 2022, include $1.4 million equal to MADS in the debt-service-reserve fund and $1.4 million in the repair-and-replacement fund.
