Moody's ups First Industrial to stable

Moody's Investors Service said it affirmed First Industrial LP's senior notes at Ba3 and First Industrial Realty Trust, Inc.'s preferred stock at B2 and revised the outlook to stable from negative.

This rating action reflects the stabilization of First Industrial's debt protection measures, as well as the removal of the liquidity overhang associated with its credit facility, Moody's said.

The ratings consider that First Industrial successfully addressed its liquidity issues by amending and restating its revolving credit facility in the fall of 2010, the agency said.

However, First Industrial's portfolio occupancy remains low at 85% and the REIT anticipates further rent roll-downs of 10%-12% in 2011, the agency added.

The stable outlook reflects First Industrial's nationally diversified and still largely unencumbered portfolio, manageable debt maturities and experienced executive team, the agency said.

The debt-to-EBITDA ratio was 7.6 times for year-end 2010.

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