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S&P ups First Industrial, notes
S&P said it raised its corporate credit rating on First Industrial Realty Trust Inc. to BBB from BBB-.
The outlook is stable.
At the same time, the agency revised the issue-level ratings on the company's senior unsecured notes to BBB from BBB-.
S&P said the upgrade reflects a view that First Industrial will maintain credit protection metrics near current levels, including debt-to-EBITDA in the mid-5x area, supported by management's recently revised financial policies.
“We expect the company will continue to benefit from favorable e-commerce tailwinds and think its decreased presence in lower barrier markets will better position the company for future growth,” the agency said in a news release.
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