S&P Global Ratings affirmed its 'BBB-' rating on Maryland Economic Development Corp.'s (MEDCO) series 2012 student housing revenue refunding bonds, issued for Towson University's University Village at Sheppard Pratt. The outlook is stable. Revenue of the 615-bed University Village at Sheppard Pratt housing project secures the series 2012 bonds. The residential facility contains six apartment buildings and a community building on a 14-acre site, adjacent to Towson University's West Campus housing facilities. Sheppard Pratt Health System (SPHS) owns the land on which the project operates, and leases the land to MEDCO through 2041. MEDCO owns the buildings, which will revert to SPHS at the lease's conclusion. Debt service for the series 2012 bonds is fixed-rate and structured on a level
