S&P affirms PS Business Parks

Standard & Poor's said it affirmed the BBB corporate credit and BB+ preferred stock ratings on PS Business Parks Inc. and PS Business Parks LP.

The outlook remains positive.

Ratings acknowledge the company's comparatively conservative financial policy as well as its solid coverage measures despite the current economic downturn, the agency said.

Ratings also reflect the company's less-risky long-term-hold portfolio strategy, as well as its niche market position, the agency noted.

These strengths are somewhat tempered by a weaker asset base with mixed tenant quality, along with significant lease maturities in 2010 amid likely still-challenging fundamental office market conditions, the agency said.

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