Fitch Ratings Upgrades First Industrial's IDR To 'BB+'; Outlook Positive

(RTTNews) - Fitch Ratings said Tuesday that it has upgraded First Industrial Realty Trust, Inc.'s (FR) Issuer Default Rating to 'BB+' from 'BB'.

The Rating Outlook is Positive.

Fitch said the upgrade of the IDR to 'BB+' centers on Fitch's expectation that First Industrial will improve its cash flow in excess of fixed-charges, mainly due to increasing occupancy and recovering rents across the company's granular industrial property portfolio. The upgrade further reflects FR's improved financial flexibility as measured by increased revolving credit facility capacity and strong unencumbered asset coverage for the 'BB+' rating.

The Positive Outlook reflects that the company's credit metrics are approaching levels consistent with an investment-grade rating, coupled with management's commitment to maintaining leverage that is in line with an investment-grade credit, the rating agency said.