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Public Storage Inc. 'A-' Corporate Credit Rating Affirmed; Outlook Remains Negative Jan 04
Standard & Poors, January 2004
NEW YORK (Standard & Poor's) Jan. 27, 2004--Standard & Poor's Ratings Services today affirmed its 'A-' corporate credit rating and its 'BBB+' preferred stock rating on Public Storage Inc. Roughly $2.0 billion in rated preferred securities is affected. The outlook remains negative. "The ratings are supported by Public Storage's dominant market position, management's ongoing pursuit of a generally conservative capital structure, and a very sound liquidity position," said Standard & Poor's credit analyst Scott Robinson. "The negative outlook, which was revised from stable in April 2003, continues to reflect concern regarding weakened operating results, which have weighed on cash flow measures." Public Storage continues to wrestle with reversing the impact of an earlier ill-conceived pricing strategy. Management has made progress...
Companies mentioned in this report are: Public Storage
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