- Language: English
- Published: June 2005
Research Update: Public Storage Ratings Affirmed, Off Watch Neg; Outlook Revised To Stable Apr 06
- Published: April 2006
- Standard & Poors
On April 21, 2006, Standard & Poor's Ratings Services affirmed its ratings on Public Storage Inc. (A-/Stable/--) and removed them from CreditWatch, where they were placed with negative implications March 8, 2006, following the company's definitive agreement to acquire Shurgard Storage Centers Inc. (BBB-/Watch Pos/--). The outlook is stable (see list). The ratings assigned to Shurgard are not affected at this time; however, we expect to raise the unsecured debt rating on Shurgard to 'A-' and to withdraw the corporate credit rating when the transaction closes. The outstanding Shurgard bonds will not be guaranteed by Public Storage, but will become an obligation of Public Storage through a wholly owned subsidiary. The rating actions affect roughly $2.72 billion of preferred stock....
Companies mentioned in this report are: Public Storage,Shurgard Storage Centers Inc.
Action: Outlook: Stable
Action: Removed From CreditWatch
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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Public Storage,Shurgard Storage Centers Inc.
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