Rating Action: Moody’s assigns A1 to Maryland CDA’s Business Development Revenue Bonds 2022 Series A; outlook stableGlobal Credit Research – 25 Mar 2022New York, March 25, 2022 — Moody’s Investors Service has assigned A1 rating to the Maryland Community Development Administration’s $17.4 million Business Development Revenue Bonds 2022 Series A (Federally Taxable). The outlook is stable.RATINGS RATIONALEThe A1 rating on the Business Development Revenue Bonds indenture is based upon the A1 issuer rating of Maryland Community Development Administration. Maryland CDA has established a reserve within its General Bond Reserve Fund in an amount equal to the outstanding principal balance of the 2022 Series A Loans. The trustee can tap this reserve in order to purchase delinquent Business Development Revenue Bond loans, providing security for the loan portfolio.RATING OUTLOOKThe outlook is stable based upon the stable outlook of the A1 issuer rating of Maryland CDA.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING- An upgrade of Maryland CDA’s issuer rating.FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING- A downgrade of Maryland CDA’s issuer rating.LEGAL SECURITYThe Series 2022A Bonds are special obligations of the Administration payable solely from the revenues and property pledged under the Resolution. The Resolution provides for the issuance of additional bonds which may be secured equally and ratably on parity with the Series 2022A Bonds.Upon the delivery of the Series 2022A Bonds, the Administration will deposit in the Loan Advance Fund six months of principal and interest payable on each of the 2022 A loans. If any loan is delinquent in payment of principal or interest, the Administration will withdraw the amount of the deficiency from the Loan Advance Fund. If, the amount on deposit in the Loan Advance Fund is below the six month requirement for four consecutive months, the Trustee will withdraw an amount equal to the outstanding principal amount of the delinquent loan from the Business Development Bond Account under the General Bond Reserve Fund and purchase the delinquent loan on behalf of the Administration. Upon the purchase, the loan will be transferred to the General Bond Reserve Fund and will no longer be pledged to the holders of the Bonds. The Trustee will apply the funds transferred to it from the trustee for the General Bond Reserve Fund to effect a special redemption of the Bonds.The Business Development Bond Account will be established within the administration’s General Bond Reserve Fund. The Administration will deposit funds in the Business Development Bond Account in an amount that equals the outstanding principal balance of the 2022 Series A loans. Amounts on deposit in the Business Development Bond Account, to the extent available, may (but are not required to) be used to pay the principal of and interest on the Bonds, and other bonds and notes of the Administration. The Administration may also use moneys in the Business Development Bond Account for any purpose permitted by the GBRF Indenture, which includes using the moneys to cover operating costs of the Administration.USE OF PROCEEDSThe Administration will apply the proceeds of the Series 2022A Bonds to acquire and transfer business loans from its General Bond Reserve Fund Indenture to the Resolution.PROFILEThe obligor is the Business Development Revenue Bonds resolution established in March 2022. This is a parity bond resolution used for the purpose of financing business development loans for the administration. The Administration is authorized to provide loans to for profit and nonprofit businesses to finance and refinance the acquisition, ownership, development, construction, rehabilitation or improvement of business development projects in priority funding areas in Maryland.METHODOLOGYThe principal methodology used in this rating was US Housing Finance Agency Issuer Ratings Methodology published in October 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1154472. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. 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