S&P rates Public Storage preferreds BBB+

Standard & Poor's said it assigned a BBB+ rating to Public Storage, Inc.'s $450 million series V 5.375% cumulative preferred shares.

The company has a corporate credit rating of A and a stable outlook.

The proceeds will be used to redeem its outstanding $247.3 million series F 6.45% cumulative preferred shares, redeem its $120 million outstanding series X 6.45% cumulative preferred shares and general corporate purposes, which may include investing in self-storage facilities or redeeming other preferred securities.

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

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

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