Towson University, MD Series 2012 And 2017 Student Housing Bond Rating Raised To 'BBB-' From 'BB+' On Occupancy Recovery - S&P Global Ratings’ Credit Research

Towson University, MD Series 2012 And 2017 Student Housing Bond Rating Raised To 'BBB-' From 'BB+' On Occupancy Recovery

Towson University, MD Series 2012 And 2017 Student Housing Bond Rating Raised To 'BBB-' From 'BB+' On Occupancy Recovery - S&P Global Ratings’ Credit Research
Towson University, MD Series 2012 And 2017 Student Housing Bond Rating Raised To 'BBB-' From 'BB+' On Occupancy Recovery
Published Aug 21, 2024
2 pages (1227 words) — Published Aug 21, 2024
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Abstract:

GULFPORT (S&P Global Ratings) Aug. 21, 2024--S&P Global Ratings raised its long-term rating on Maryland Economic Development Corp.'s (MEDCO) senior student housing revenue bonds (Towson University project) series 2012 and senior student housing project and refunding revenue bonds (Towson University project) series 2017, issued for the Towson University project, to 'BBB-' from 'BB+'. The outlook is stable. "The upgrade reflects our view of the project's continued occupancy recovery in fall 2023 and projections of nearly 100% occupancy for fall 2024," said S&P Global Ratings credit analyst Travis Nauert. The upgrade also reflects our view of expected debt service coverage (DSC) of approximately 1.7x in fiscal 2024 and solid performance expected to continue in fiscal 2025. We expect that occupancy at the

  
Brief Excerpt:

...August 21, 2024 GULFPORT (S&P Global Ratings) Aug. 21, 2024--S&P Global Ratings raised its long-term rating on Maryland Economic Development Corp.'s (MEDCO) senior student housing revenue bonds (Towson University project) series 2012 and senior student housing project and refunding revenue bonds (Towson University project) series 2017, issued for the Towson University project, to '###-' from '##+'. The outlook is stable. "The upgrade reflects our view of the project's continued occupancy recovery in fall 2023 and projections of nearly 100% occupancy for fall 2024," said S&P Global Ratings credit analyst Travis Nauert. The upgrade also reflects our view of expected debt service coverage (DSC) of approximately 1.7x in fiscal 2024 and solid performance expected to continue in fiscal 2025. We expect that occupancy at the project will remain high given the somewhat limited on-campus housing availability relative to student enrollment and healthy housing occupancy at Towson University. The stable...

  
Report Type:

Ratings Action

Issuer
Maryland Economic Development Corp.
Sector
Global Issuers, Public Finance
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Towson University, MD Series 2012 And 2017 Student Housing Bond Rating Raised To 'BBB-' From 'BB+' On Occupancy Recovery" Aug 21, 2024. Alacra Store. May 10, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Towson-University-MD-Series-2012-And-2017-Student-Housing-Bond-Rating-Raised-To-BBB-From-BB-On-Occupancy-Recovery-3234288>
  
APA:
S&P Global Ratings’ Credit Research. (). Towson University, MD Series 2012 And 2017 Student Housing Bond Rating Raised To 'BBB-' From 'BB+' On Occupancy Recovery Aug 21, 2024. New York, NY: Alacra Store. Retrieved May 10, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Towson-University-MD-Series-2012-And-2017-Student-Housing-Bond-Rating-Raised-To-BBB-From-BB-On-Occupancy-Recovery-3234288>
  
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