Summary: Maryland Economic Development Corp.; Parking

S&P Global Ratings raised its long-term rating to 'BBB-' from 'BB' on the Maryland Economic Development Corp.'s (MEDCO) series 2018A and 2018B senior parking facility revenue bonds and to 'BB+' from 'BB-' on MEDCO's series 2018C subordinate-lien parking facility revenue bonds. The outlook is positive. The upgrade reflects the parking system's demonstrated rate-setting flexibility and strong demand and revenue recovery trends that have been near or above our expectations and S&P Global Ratings' updated activity recovery estimates. We believe the demand levels are sustainable and support an improved market position assessment and strong enterprise risk profile. We could raise the rating if positive transaction and revenue trends are sustained, supporting adequate financial risk profile, specifically, DSC 1.1x to 1.25x or

...S&P Global Ratings raised its long-term rating to '###-' from '##' on the Maryland Economic Development Corp.'s (MEDCO) series 2018A and 2018B senior parking facility revenue bonds and to '##+' from '##-' on MEDCO's series 2018C subordinate-lien parking facility revenue bonds. The outlook is positive. The upgrade reflects the parking system's demonstrated rate-setting flexibility and strong demand and revenue recovery trends that have been near or above our expectations and S&P Global Ratings' updated activity recovery estimates. We believe the demand levels are sustainable and support an improved market position assessment and strong enterprise risk profile. We could raise the rating if positive transaction and revenue trends are sustained, supporting adequate financial risk profile, specifically, DSC 1.1x to 1.25x or debt to EBIDA below 15x. For more information, see "Updated U.S. Transportation Infrastructure Activity Estimates Show Air Travel Normalizing By 2023 And A Stymied Transit...

Summary