S&P rates CubeSmart BBB-

Standard & Poor's said it assigned its BBB- corporate credit rating to CubeSmart. The outlook is stable.

"Our rating on CubeSmart reflects the company's satisfactory business risk profile, marked by the improved portfolio quality following the completion of the Storage Deluxe acquisition and the stability of cash flows from the same-store portfolio," said S&P credit analyst Matthew Lynam in a news release. "We consider CubeSmart's financial risk profile to be intermediate, reflecting strengthened debt coverage metrics, a better laddering of debt maturities, and improved liquidity profile from a new $300 million unsecured revolver."

S&P said the stable outlook reflects its expectation for relatively steady cash flow given the progress the company has made toward improving occupancy levels while maintaining rents in its same-store portfolio.

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