Summary: Towson University, Maryland Maryland Economic Development Corp.; Auxiliary - Stand Alone

S&P Global Ratings affirmed its 'BBB' long-term rating on Maryland Economic Development Corp.'s (Medco) series 2012 and 2017 senior student housing project and refunding revenue bonds issued on behalf of Towson University project. The outlook is stable. Towson University is a member institution of the University System of Maryland (USM; see the full analysis on the University System of Maryland, published Jan. 24, 2018, on RatingsDirect). Medco used series 2012 bond proceeds to acquire its second student housing facility, the 420-bed Millennium Hall. It added this to the 668-bed Towson West Village (TWV)-Phase I housing facility that it already owned known as the Paca and Tubman Houses. The series 2017 bond issue also included approximately $6.45 million in bond proceeds

...S&P Global Ratings affirmed its '###' long-term rating on Maryland Economic Development Corp.'s (Medco) series 2012 and 2017 senior student housing project and refunding revenue bonds issued on behalf of Towson University project. The outlook is stable. Towson University is a member institution of the University System of Maryland (USM; see the full analysis on the University System of Maryland, published Jan. 24, 2018, on RatingsDirect). Medco used series 2012 bond proceeds to acquire its second student housing facility, the 420-bed Millennium Hall. It added this to the 668-bed Towson West Village (TWV)-Phase I housing facility that it already owned known as the Paca and Tubman Houses. The series 2017 bond issue also included approximately $6.45 million in bond proceeds that were used for capital improvements at Millennium Hall. All these facilities are on the Towson University campus. The rating reflects S&P Global Ratings' view that the student housing projects have a strong nexus with...

Summary