...S&P Global Ratings revised its outlook to stable from negative and 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 revised outlook is based on the project's solid occupancy, which improved to almost 100% in fall 2021, with expectations fall 2022 will be similar following a decline in fall 2020 due to the pandemic. The project anticipates debt service coverage (DSC) of approximately 1.5x in fiscal 2022, following fiscal 2021 when DSC was at just 1.1x. As of CRMC's fiscal year ended June 30, 2021, total debt outstanding is $12.2 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,...
