S&P Global Ratings assigned its 'BB' long-term rating to Massachusetts Development Finance Agency's approximately $95.2 million tax-exempt series 2024A and $590,000 taxable series 2024B student housing revenue bonds, issued for CHF Merrimack Inc., the sole member of which is Collegiate Housing Foundation. The outlook is stable. The series 2024 bonds are nonrecourse obligations of CHF Merrimack Inc., secured by all revenues of the project, to include rents from student leases but not payments for project naming rights. The bonds are also secured by a debt service reserve fund (DSRF) of approximately $7.1 million (equal to maximum annual debt service) and a first-priority leasehold mortgage. Following an interest-only period of 37 months, debt service payments are approximately level. The project will
