Moody's: PS outlook positive

Moody's Investors Service said it affirmed PS Business Parks Inc.'s preferred stock rating at Baa3 and revised the outlook to positive from stable.

The positive outlook reflects the agency's expectation that PS Business Parks will continue to demonstrate improvement in occupancy and operating margins while maintaining its historically conservative financial profile.

Moody's said the Baa3 rating incorporates PS Business Parks' sound balance sheet, good liquidity and demonstrated ability to generate good relative operating performance though various market cycles.

The agency said these strengths are counterbalanced by the company's focus on a more volatile and management-intensive product type, small and mid-sized office/industrial business-parks and flex properties, which typically have shorter-term leases and smaller tenants.

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