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S&P rates Public Storage preferreds BBB+
Standard & Poor's said it assigned a BBB+ rating to Public Storage's $425 million series R 6.35% cumulative preferred shares, which it expects to issue on July 26.
The corporate credit rating is A.
The outlook is stable.
Proceeds will be used to redeem the company's outstanding $425 million series K 7.25% cumulative preferred shares on Aug. 22.
Debt-plus-preferred stock was 3.7x EBITDA for the 12 months ended March 31.
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