S&P rates PS Business Parks preferreds BBB-

Standard & Poor's said it assigned its BBB- rating to the new $350 million 6% cumulative preferred stock series T issued by PS Business Parks Inc., the general partner of PB Business LP.

The outlook is stable.

The agency said it expects the company to continue to maintain competitive occupancy and use free operating cash flow to pay down acquisition-related debt over the next few years.

S&P also said it expects fixed-charge coverage to dip in 2012, but remain above 3.0x, before returning to the mid- to high-3x range in 2013.

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