Fitch affirms First Industrial

Fitch Ratings said it removed from Rating Watch negative and affirmed First Industrial Realty Trust, Inc.'s issuer default rating at B+.

The agency also said it affirmed operating partnership First Industrial, LP's issuer default rating at B+, $400 million unsecured credit facility, including a $200 million unsecured term loan and $200 million unsecured revolving credit facility, at BB with a recovery rating of RR1, $751.1 million senior notes at BB- with a recovery rating of RR3 and $145.7 million senior exchangeable notes at BB- with a recovery rating of RR3.

Fitch also said it upgraded First Industrial Realty Trust's $275 million preferred stock to B- with a recovery rating of RR5 from CCC with a recovery rating of RR6.

The outlook is stable.

The removal of the ratings from negative watch is driven by a view that there is currently a limited likelihood of a covenant violation or deferral of preferred stock dividends by First Industrial, Fitch said.

The ratings consider First Industrial's credit strengths, including improved financial flexibility, the agency said.

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