Fitch rates Public Storage preferreds A-

Fitch Ratings said it assigned a credit rating of A- to the $450 million 5.375% series V preferred stock issued by Public Storage, Inc.

The proceeds from the offering of about $437.2 million before the exercise of the over-allotment option are expected to be used to redeem the $247.3 million 6.45% series F preferred stock, redeem the $120 million 6.45% series X preferred stock, to make investments in self-storage facilities and entities that own self storage facilities and for other general corporate purposes, Fitch said.

Public Storage also has an issuer default rating of A, $300 million unsecured revolving line of credit rating of A and $3.2 billion preferred stock rating of A-.

Shurgard Storage Centers, LLC has an issuer default rating of A and an A rating on its $186.5 million senior unsecured notes.

The outlook is stable.

The ratings consider the company's minimal debt, which results in low leverage and limited refinance risk, Fitch said.

The ratings also consider the solid performance of the company's self-storage property portfolio, the agency said.

Credit strengths also include strong liquidity and access to capital, Fitch said, and a long management track record.

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