Fitch gives A- to Public Storage's new preferred stock

Fitch Ratings said it assigned an A- credit rating to Public Storage's $400 million of 5.9% series S preferred stock.

The agency maintains an A issuer default rating on the company, an A rating on its $300 million revolving line of credit and an A- rating on its $3.3 billion of preferred stock. The outlook is stable.

Proceeds are expected to be used to redeem 6.75% series L preferreds for about $206.7 million, to make investments in self storage facilities, to redeem other preferreds and for other general corporate purposes.

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