S&P revises First Industrial view

S&P said it revised the outlook on First Industrial Realty Trust Inc. and affirmed the BBB- corporate credit rating and BBB- issue-level rating on the company's senior unsecured notes.

The agency said the revised outlook reflects First Industrial's recently restated financial policy, with a commitment to maintain debt to EBITDA below 6x, as well as stronger-than-anticipated e-commerce tailwinds supporting continued strong operating performance.

“The positive outlook reflects our expectation of sustained favorable industry tailwinds over the medium term, high occupancy levels and the company's repositioning efforts to result in low- to mid-single-digit same-store NOI growth over the next couple of years,” S&P said in a news release.

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