S&P Global Ratings affirmed its 'BB+' rating on Maryland Economic Development Corp.'s (MEDCO) series 2015 senior student-housing refunding revenue bonds, issued for the University of Maryland-Baltimore (UMB) project. The outlook is stable. Total debt outstanding on series 2015 bonds is approximately $21.6 million at the last audited fiscal year-end 2023. The net revenue of the 337-bed Fayette Square housing project, a leasehold mortgage on land and improvements, and the debt-service-reserve fund (DSRF) that fully funds half maximum annual debt service (MADS) secure the bonds. In addition, there is a replacement fund for repairs; renovations; and other necessary capital improvements funded at $595,844 as of fiscal year-end 2023. Debt service is level through maturity with MADS of approximately $1.9 million in
