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State will not be downgraded if Hyatt Regency Chesapeake Bay fails to make bond payments
State will not be downgraded if Hyatt Regency Chesapeake Bay fails to make bond payments

The Maryland Economic Development Corp. expects to fall short next year on payments to investors who bought the bonds that funded the Hyatt Regency Chesapeake Bay, a state-owned golf resort hotel and conference center on the Eastern Shore. Known as default, a failure to meet bond payments may increase investor scrutiny of MEDCO, a company created by the General Assembly to aid economic development throughout Maryland, experts say, but it will not affect the state's credit rating. "No issuer, MEDCO included, wants to have a reputation of having bonds default," said W. Bartley Hildreth, a professor at Georgia State University and a director of the Municipal Securities...

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