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

S&P Global Ratings revised the outlook on its 'BB' rating on Maryland Economic Development Corp.'s (MEDCO) series 2013 housing revenue refunding bonds, issued for the Edgewood Commons housing project on Frostburg State University's (FSU) campus, to stable from negative. S&P Global Ratings also affirmed the 'BB' rating on the bonds. The outlook revision reflects our expectation that the project will likely retain sufficient occupancy to meet its financial targets through fiscal 2025 due to the ongoing closure of Brownsville Hall and potential concessions to allow additional student demographics. Project revenue secures the bonds with $9.9 million of debt outstanding as of fiscal 2023. MEDCO issued the original series 2002A and 2002B bonds, refunded by series 2013 bonds, to fund an

...--Fiscal year-end June 30-- 2024 2023 2022 2021 Were reserves used for debt service? N.A. No No No MADS listed per total debt service in a fiscal year--checked against the 2013A debt service schedule and MADS listed on operating statement page 28, $1,170,500. S&P Global Ratings DSC differences--S&P Global Ratings does not include nonoperating revenue/expenses; S&P Global Ratings removes negative ground rent expense accounting. N.A.--Not available....

Summary