S&P rates Public Storage preferreds BBB

Standard & Poor's said it assigned a BBB rating to Public Storage's (A-/stable) $120 million series P 6.5% cumulative preferred shares.

Proceeds will be used to redeem the company's $109 million series B 7.125% cumulative preferred shares and for general corporate purposes.

The company's ratio of debt plus preferred stock-to-EBITDA was 3.9 times through the first six months of 2010, and fixed-charge coverage was 4.0x, S&P noted.

These credit measures remain near historical averages for the company and compare favorably with those of similarly rated REITs, the agency said.

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