S&P rates Public Storage preferreds BBB+

Standard & Poor's said it assigned a BBB+ rating to Public Storage's $425 million series T 5.75% cumulative preferred shares.

The proceeds will be used from the offering, together with cash on hand, to redeem its outstanding $476.6 million series M 6.625% cumulative preferred shares.

The stable outlook reflects an expectation for continued generally favorable self-storage supply and demand fundamentals in the coming year, S&P said.

However, the agency said it believes rent growth will moderate and could reverse course quickly if the economy slips back into recession.

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