Fitch rates Public Storage preferreds A-

Fitch Ratings said it affirmed the credit ratings of Public Storage and its subsidiary Shurgard Storage Centers, LLC.

The agency affirmed Public Storage's issuer default rating at A, its $300 million unsecured revolving line of credit rating at A and its $3.1 billion preferred stock rating at A-.

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

The outlook is stable.

In addition, Fitch said it assigned a rating of A- to the $462.5 million of 5.75% series T preferred stock issued by Public Storage on March 13 for net proceeds of $448.7 million.

The agency said the affirmation of Public Storage's issuer default rating at A centers on the company's minimal debt, which results in low leverage and limited refinance risk, coupled with solid performance of the company's self-storage property portfolio.

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