Fitch affirms PS Business Parks

Fitch Ratings said it affirmed the following credit ratings for PS Business Parks, Inc.: issuer default rating at BBB, unsecured credit facility rating at BBB and preferred stock rating at BBB-.

The outlook is stable.

The agency said that the affirmations are substantiated by PS's consistent business model of owning office, industrial and flex properties catered to tenants that utilize smaller spaces.

The company's fixed-charge coverage ratio is 2.4 times for the nine months ended Sept. 30, the agency noted, adding that the company's credit profile is strengthened by PS's largely unencumbered property portfolio, enabling financial flexibility through real estate and capital market cycles.

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