S&P Global Ratings revised its outlook to stable from negative and affirmed its 'BBB-' long-term rating on Maryland Economic Development Corporation's (MEDCO) Student Housing Revenue Bonds (Bowie State University Project) series 2020, issued on behalf of Bowie State University's (BSU; a member institution of University System of Maryland [USM]) for the Entrepreneurship Living Learning Community (ELLC) project. The outlook revision reflects our expectations of 100% occupancy for fall 2022, based on current lease commitments, and related expectation of 1.2x debt service coverage (DSC) or higher for fiscal year 2023. Proceeds funded construction of the ELLC building on BSU's campus, including 557 beds with various suite and semi-suite options open to all classes of undergraduates and attached to university-funded retail and
