S&P Global Ratings affirmed its 'BBB-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) series 2020 (Thurgood Marshall) student housing revenue bonds, series 2022 (Morgan View) revenue refunding bonds, and series 2022A student housing revenue bonds (Legacy Hall). The outlook is stable. Morgan View, Thurgood Marshall, and Legacy Hall combined project revenues and assets secure the bonds. As of June 30, 2024, the projects' total debt outstanding was approximately $214.1 million. Capitalized interest supported debt service on the series 2022A bonds into fiscal 2025, providing coverage through the fall 2024 opening of Legacy Hall. S&P Global Ratings calculates maximum annual debt service (MADS), including all three bond series, at approximately $13.9 million, excluding amounts covered by distributions from the debt
