Summary: Maryland Economic Development Corp.; Parking

S&P Global Ratings lowered its long-term ratings to 'BB' from 'BBB' on the Maryland Economic Development Corp.'s (MEDCO) series 2018 A-B senior parking facility revenue bonds and to 'BB-' from 'BBB-' on MEDCO's series 2018C subordinate-lien parking facility revenue bonds. The outlook is negative. For additional information, see "Ratings Outlooks On U.S. Transportation Infrastructure Issuers Revised To Negative Due To COVID-19 Pandemic," published March 26, 2020, on RatingsDirect. Pledged revenue consists of parking facility receipts from the three parking garages located in the city's waterfront location, which are operated by MEDCO under a 50-year lease with the City of Baltimore. Approximately $66.8 million remains outstanding on the bonds. All bonds are supported by cash-funded debt service reserves totaling roughly $3.9

...S&P Global Ratings lowered its long-term ratings to '##' from '###' on the Maryland Economic Development Corp.'s (MEDCO) series 2018 A-B senior parking facility revenue bonds and to '##-' from '###-' on MEDCO's series 2018C subordinate-lien parking facility revenue bonds. The outlook is negative. For additional information, see "Ratings Outlooks On U.S. Transportation Infrastructure Issuers Revised To Negative Due To COVID-19 Pandemic," published March 26, 2020, on RatingsDirect. Pledged revenue consists of parking facility receipts from the three parking garages located in the city's waterfront location, which are operated by MEDCO under a 50-year lease with the City of Baltimore. Approximately $66.8 million remains outstanding on the bonds. All bonds are supported by cash-funded debt service reserves totaling roughly $3.9 million....

Summary