Moody's affirms Public Storage

Moody's Investors Service said it affirmed Public Storage's preferred stock at Baa1 and Shurgard Storage Centers, Inc.'s senior unsecured debt at A3.

The outlook is stable.

The agency said the affirmation reflects the REIT's excellent franchise, strong liquidity, conservative capital structure and solid operating platform.

Moody's expects Public Storage's key credit challenge will be maintaining core operating income as the economic recession continues to take its toll on demand for self-storage space.

The stable outlook reflects the agency's expectation that Public Storage will manage through the economic slowdown with only modest deterioration in operating metrics while maintaining excellent financial flexibility and sound credit metrics.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.