S&P ups Public Storage

Standard & Poor's said it raised Public Storage's corporate credit rating to A from A-. The company's $290 million of senior notes and $3.4 billion of preferred stock ratings were also upgraded.

The outlook is stable.

The upgrade was made to reflect a relatively sharp reduction in debt and preferred stock as well as recently firmer self storage demand, S&P said.

The ratings reflect the company's modest financial risk profile as characterized by moderate levels of debt and preferred stock, and a strong liquidity profile, S&P said.

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