S&P Global Ratings raised its long-term rating to 'BBB' from 'BBB-' on the Maryland Economic Development Corp.'s (MEDCO) series 2018A and 2018B senior parking facility revenue bonds; and raised its long-term rating to 'BBB-' 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 revenue recovery trends that we believe are sustainable and consistent with a higher rating. Pledged revenue consists of parking facility receipts from three parking garages, totaling 2,455 spaces, near the City of Baltimore's waterfront, which MEDCO operates under a 50-year lease with the city. Approximately $63 million is outstanding on the bonds. All bonds are supported by cash-funded debt service
