Fitch affirms Public Storage, Shurgard Storage

Fitch Ratings said it affirmed Public Storage Inc.'s issuer default rating at A, $300 million unsecured revolving credit facility at A and $3.4 billion preferred stock at A-.

The agency also said it affirmed its affiliate, Shurgard Storage Centers, LLC's issuer default rating at A and $186.5 million senior unsecured notes at A.

The outlook is stable.

The affirmation reflects the company's minimal debt, which results in low leverage and limited refinance risk, Fitch said, as well as the company's strong liquidity profile.

Credit concerns include certain recent transactions that have deviated from the company's core focus on U.S. self-storage real estate, including extending a loan to PS Business Parks, Inc. and increasing ownership interest in two Shurgard Europe joint ventures, the agency said.

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