Fitch rates Public Storage preferreds A-

Fitch Ratings said it assigned a rating of A- to the $425 million 6.35% series R preferred stock issued by Public Storage.

The company has an issuer default rating at A, $300 million unsecured revolving line of credit at A and $3.7 billion preferred stock at A-.

The outlook is stable.

Proceeds will be used to redeem in full the 7.25% series K preferred stock on Aug. 22.

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