S&P lifts First Industrial view to positive

Standard & Poor’s said it revised the outlook on First Industrial Realty Trust Inc. and its operating partnership, First Industrial LP, to positive from stable.

The agency said it affirmed First Industrial’s BB+ corporate credit rating and BBB- issue-level ratings. The recovery rating on the company’s debt remains at 2.

The positive outlook acknowledges First Industrial’s improved operating performance and portfolio quality, S&P said.

The agency also said it acknowledged the company’s progress in strengthening its balance sheet and reducing leverage.

The ratings also reflect First Industrial’s manageable near-term debt-maturity schedule, low dividend payout ratio and access to a relatively large revolver, S&P said.

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