S&P gives First Industrial notes BBB

Standard & Poor's said it assigned its BBB senior unsecured debt rating to the $150 million 5.95% unsecured notes due May 15, 2017, issued by First Industrial LP, the operating partnership of First Industrial Realty Trust (BBB/negative).

The agency said that the company will use proceeds from the note offering to repay amounts outstanding under its $500 million senior unsecured credit facility, roughly $199 million outstanding at March 31.

S&P added that the ratings on First Industrial remain supported by a large, profitable and relatively well-diversified portfolio that should benefit from the recovery of the national industrial property sector.

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