Fitch Revises Public Storage's Outlook to Positive; Affirms IDR at 'A-'

NEW YORK, NY-- Fitch Ratings has affirmed the following ratings of Public Storage (NYSE: PSA) and its affiliate, Shurgard Storage Centers, Inc. (collectively, PSA or the company):

Public Storage

--Issuer Default Rating (IDR) at 'A-';

--$300.0 million unsecured credit facility at 'A-';

--$3.5 billion preferred securities at 'BBB+';

Shurgard Storage Centers, Inc.

--IDR at 'A-';

--$410.9 million senior unsecured notes at 'A-'.

In addition, Fitch has revised PSA’s Rating Outlook to Positive from Stable.

For a complete copy of Fitch Ratings' news release, please contact Sandro Scenga, Sean Pattap or Steven Marks at the phone numbers and e-mails listed at the bottom of this release.

PSA’s ratings are supported by the cash flows generated by the company’s sizeable portfolio of over 2,100 self-storage facilities in 38 states within the United States and seven Western European countries.

The 'A-' IDR further echoes management’s opportunistic approach toward self-storage property acquisitions and refinancings through economic cycles. PSA’s ‘A-’ IDR is also supported by the company’s solid risk-adjusted capitalization and large unencumbered asset pool with an undepreciated book value of $10.3 billion as of Dec. 31, 2007.

Moreover, the ratings reflect PSA’s ratio of undepreciated stabilized unencumbered properties to unsecured debt and preferred stock of 2.6x as of Dec. 31, 2007.

CONTACTS:

Sandro Scenga

Director

Corporate Communications

Fitch Ratings

1-212-908-0278

sandro.scenga@fitchratings.com

Sean Pattap

1 212 908 0642

Steven Marks

1 212 908 9161