Research Update: Public Storage Outlook Revised To Positive; Ratings Affirmed Aug 08

Standard & Poors, August 2008

Abstract
On Aug. 19, 2008, Standard & Poor's Ratings Services revised its outlook on Public Storage to positive from stable. At the same time, we affirmed all of our ratings on the company, including the 'A-' corporate credit rating. The affirmations affect roughly $400 million in senior notes and $3.5 billion of preferred stock (see list). The outlook revision and ratings acknowledge Public Storage's industry-leading market position, which benefits from scale of operations following the successful integration of Shurgard Storage Centers Inc. (Shurgard; $5.3 billion transaction completed in 2006); conservative financial policies, including the company's use of perpetual preferred stock as a primary source of financing and full operating cash flow coverage of all obligations; and solid credit metrics, even with...

Companies mentioned in this report are: Public Storage
Action: Affirmed
Action: Outlook: Positive

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.

Public Storage

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