Summary: Maryland Econonic Development Corp.; Auxiliary - Stand Alone

S&P Global Ratings affirmed its 'BBB-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) series 2015 student housing refunding revenue bonds, issued on behalf of Bowie State University (BSU)'s Christa McAuliffe Residential Community project. The outlook is stable. The rating reflects our view of the project's continuing very strong occupancy rate, at or just below 100% for the past five years, including fall 2019 and solid debt service coverage (DSC) based on maximum annual debt service (MADS) of 1.58x in fiscal 2019, according to management calculations, although MADS coverage, including ground lease and all management expenses, is slightly weaker, according to S&P Global Ratings' calculations. The rating also reflects the benefits we believe the student housing project derives from strong

...S&P Global Ratings affirmed its '###-' long-term rating on Maryland Economic Development Corp.'s (MEDCO) series 2015 student housing refunding revenue bonds, issued on behalf of Bowie State University (BSU)'s Christa McAuliffe Residential Community project. The outlook is stable. The rating reflects our view of the project's continuing very strong occupancy rate, at or just below 100% for the past five years, including fall 2019 and solid debt service coverage (DSC) based on maximum annual debt service (MADS) of 1.58x in fiscal 2019, according to management calculations, although MADS coverage, including ground lease and all management expenses, is slightly weaker, according to S&P Global Ratings' calculations. The rating also reflects the benefits we believe the student housing project derives from strong oversight provided by MEDCO, direct management provided by Capstone On-Campus Management LLC (the replacement manager), close collaboration with BSU, and limited oversight by the University...

Summary