S&P ups PS Business

Standard & Poor's said it raised its corporate credit ratings on PS Business Parks Inc. and PS Business Parks LP to BBB+ from BBB and its preferred stock to BBB- from BB+.

The outlook is stable.

The ratings acknowledge the company's conservative financial policy, solid coverage measures, less-risky long-term-hold portfolio strategy and niche market position, S&P said.

The ratings are constricted by a weaker asset base with mixed tenant quality and significant lease maturities over the next five quarters, the agency said.

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