Public Storage Inc. 'A-' Corporate Credit Rating Affirmed; Outlook Remains Negative Jan 04

Standard & Poors, January 2004

Abstract
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
Action: Affirmed

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Public Storage

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