Moody's: First Industrial view negative

Moody's Investors Service said it affirmed First Industrial LP's Baa2 senior unsecured rating and First Industrial Realty Trust, Inc.'s Baa3 preferred stock rating and revised the outlook to negative.

According to Moody's, the action reflects expected delays in property leasing and sales leading to reduction in cash flows from capital recycling activities.

Ratings reflect the company's almost entirely unencumbered portfolio of geographically diversified assets, high occupancy, strong tenant diversification and manageable debt maturities, the agency said.

The outlook will be stabilized after the company has reconstituted its executive management team and made progress toward increasing its earnings visibility, the agency said.

The REIT is expected to maintain leverage of less than 5x.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.