WASHINGTON (dpa-AFX) - Fitch Ratings said Tuesday that it has affirmed Public Storage's (PSA) Issuer Default Rating at 'A'.
The Rating Outlook is Stable.
Fitch said the affirmation of Public Storage's IDR at 'A' centers on the company's minimal debt, which results in low leverage and limited refinance risk, coupled with solid performance of the company's self-storage property portfolio. Credit strengths also include strong liquidity and access to capital and a long management track record.
The rating is balanced by the company's focus on a specialty property type and moderate exposure to geographical regions such as California and Texas, although the portfolio includes over 2,200 properties in 38 states and seven European countries, the rating agency added.
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