Moody's affirms PS Business Parks

Moody's Investors Service said it affirmed PS Business Parks, Inc.'s preferred stock rating at Baa3 with a stable outlook.

The affirmation reflects the REIT's solid capital structure, excellent liquidity and strong property management skills, the agency said. It recently took advantage of an accretive opportunity to invest its cash to repurchase $112 million redemption value of preferred equity at a blended discount of 39%, Moody's noted.

The stable outlook reflects the agency's expectation that PS Business Parks will manage through the current economic downturn with strong credit metrics while maintaining its conservative financial discipline.

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