Fitch ups First Industrial

Fitch Ratings said it upgraded First Industrial Realty Trust, Inc. and its operating partnership First Industrial, LP's issuer default ratings to BB from B+. Fitch also upgraded First Industrial Realty's preferred stock to B+ from B-/RR5 and First Industrial's $400 million unsecured credit facility to BB from BB/RR1, $757.6 million of senior notes to BB from BB-/RR3 and $128.9 million of senior exchangeable notes to BB from BB-/RR3.

The outlook is stable.

The upgrade reflects the industrial REIT's improved long-term credit profile, including a reduction in net debt to recurring operating EBITDA via recent de-levering equity raises, an improved liquidity position and management's continued focus on improving the overall quality of the portfolio via non-core asset sales, the agency said.

The upgrade also takes into account credit concerns including a fixed charge coverage ratio that is expected to be consistent with the BB rating category and weaker portfolio performance relative to other industrial REITs, the agency added.

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