S&P Global Ratings assigned its 'BBB-' rating to Maryland Economic Development Corp.'s (MEDCO) approximately $144.3 million series 2024 student-housing revenue bonds, issued for University of Maryland College Park's (UMCP) Leonardtown project. The outlook is stable. Leonardtown's project revenue and assets secure the series 2024 bonds. A leasehold mortgage further secures the bonds. Management intends to use series 2024 bond proceeds to finance the construction of a new residential-housing facility on UMCP's campus, including 741 beds marketed primarily to graduate students. The bonds will also fund approximately $16.6 million of capitalized interest and $4.5 million of debt-service-reserve funds equal to half the project's maximum annual debt service (MADS). A surety bond under an insurance policy, issued concurrently with the series 2024
