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

S&P Global Ratings affirmed its 'BBB-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) series 2015 student housing refunding revenue bonds, issued on behalf of Bowie State University (BSU)'s Christa McAuliffe Residential Community (CMRC) project. The outlook is negative. As of CRMC's fiscal year-ended June 30, 2020, total debt outstanding is $13.5 million consisting solely of the series 2015 revenue bonds. The bonds are secured by CMRC's project revenues and assets and are further secured by a leasehold mortgage. There is a replacement fund for repairs and renovations as well as other necessary capital improvements, an operating account to pay the operating expenses from revenues derived from the project, and an operating carryover account to provide additional liquidity for payment

...S&P Global Ratings affirmed its '###-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) series 2015 student housing refunding revenue bonds, issued on behalf of Bowie State University (BSU)'s Christa McAuliffe Residential Community (CMRC) project. The outlook is negative. As of CRMC's fiscal year-ended June 30, 2020, total debt outstanding is $13.5 million consisting solely of the series 2015 revenue bonds. The bonds are secured by CMRC's project revenues and assets and are further secured by a leasehold mortgage. There is a replacement fund for repairs and renovations as well as other necessary capital improvements, an operating account to pay the operating expenses from revenues derived from the project, and an operating carryover account to provide additional liquidity for payment of operating expenses. A failure to fund the replacement fund, if project revenues are insufficient to do so, does not result in an event of default under the series 2015 bond documents. Similarly,...

Summary