Standard&Poor's Ratings Services has affirmed its 'BBB-' long-term rating on Maryland Economic Development Corp.'s (Medco) series 2007A senior student housing (Towson University project) revenue bonds. Total debt outstanding for the series 2007A bonds at fiscal year-end June 30, 2010, was $32.14 million and total bonds payable for the same date was $35.45 million. The affirmed 'BBB-' rating reflects our assessment of: The housing project's successful initial years of operations after completion in August 2008, which was on time and under budget, and had a 98.5% occupancy as of April 8, 2011, with similar high occupancy levels for earlier periods; The project's strong relationship with Towson University, which provided a 40-year ground lease to Medco for the underlying property
