S&P Global Ratings affirmed its 'BB' long-term rating on the Maryland Economic Development Corp.'s (MEDCO) series 2018 A-B senior parking facility revenue bonds and 'BB-' rating on MEDCO's series 2018C subordinate-lien parking facility revenue bonds. The outlook is negative. Pledged revenue consists of parking facility receipts from the three parking garages in the city's waterfront location, which are operated by MEDCO under a 50-year lease with the City of Baltimore. Approximately $65 million remains outstanding on the bonds. All bonds are supported by cash-funded debt service reserves (DSRs) totaling approximately $3.9 million. The rating reflects our view that although MEDCO plans to draw approximately $366,498 from the subordinate DSR to make a portion of the June 1, 2021, principal and
