Fitch rates Public Storage preferreds A-

Fitch Ratings said it assigned a credit rating of A- to the $120 million 6.5% series P preferred stock issued by Public Storage.

The issuer default rating is A.

The outlook is stable.

Proceeds will be used to redeem the company's $108.8 million 7.125% series B preferred stock and for general corporate purposes.

The transaction does not materially impact the company's fixed charge coverage ratio (defined as recurring operating EBITDA less recurring capital expenditures divided by interest incurred and preferred stock dividends), which was 3.8x for the 12 months ended June 30, the agency said.

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