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Fitch rates PS Business Parks preferreds BBB-
Fitch Ratings said it assigned a credit rating of BBB- to the $75 million 6.875% series R preferred stock issued by PS Business Parks, Inc.
The proceeds from the offering of about $72.6 million are expected to be used to redeem the company's $48.4 million 7.6% series L preferred stock and for general corporate purposes.
The transaction does not materially impact the company's fixed-charge coverage ratio, which was 2.7x for the 12 months that ended June 30, the agency said.
PS Business Parks has an issuer default rating of BBB, $598.5 million preferred stock of BBB- and $100 million unsecured revolving credit facility of BBB.
Its subsidiary, PS Business Parks, LP has an issuer default rating of BBB and $100 million unsecured revolving credit facility of BBB.
The outlook is stable.
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