Fitch Ratings said Wednesday that it has affirmed First Industrial Realty Trust, Inc.'s (FR) Issuer Default Rating at 'BB'.
The Rating Outlook has been revised to Positive from Stable.
Fitch said the Positive Outlook is predicated on its expectation that fixed-charge coverage will be sustained at a level consistent with a 'BB+' rating.
The company's industrial property portfolio is showing signs of recovery, as evidenced by positive cash rent rollovers in the first quarter of 2013 for the first time since the first quarter of 2009 as well as rising occupancy rates, the rating agency noted.
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