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Fitch Places First Industrial on Rating Watch Negative

^{Published on 2010-06-28 15:45:32 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings has placed the following credit ratings of First Industrial Realty Trust, Inc. (NYSE: FR) and its operating partnership, First Industrial, L.P. (collectively, First Industrial or the company) on Rating Watch Negative:

First Industrial Realty Trust, Inc.

--Issuer Default Rating (IDR) 'BB-';

--$275 million preferred stock 'B'.

First Industrial, L.P.

--IDR 'BB-';

--$500 million unsecured revolving credit facility 'BB-';

--$775.4 million senior unsecured notes 'BB-';

--$145.2 million senior unsecured exchangeable notes 'BB-'.

Fitch will issue an updated and more detailed rating analysis of First Industrial upon reviewing further information from the company.

Relevant Fitch criteria available on the Fitch website at '[ www.fitchratings.com ]' include:

--'Criteria for Rating U.S. Equity REITs and REOCs', April 16, 2010;

--'Equity Credit for Hybrids & Other Capital Securities - Amended', Dec. 29, 2009;

--'Rating Hybrid Securities', Dec. 29, 2009;

--'Recovery Rating and Notching Criteria for REITs', Dec. 23, 2009;

--'Corporate Rating Methodology', Nov. 24, 2009;

--'Evaluating Corporate Governance', Dec. 12, 2007;

--'Parent and Subsidiary Rating Linkage', June 19, 2007.

Additional information is available at '[ www.fitchratings.com ]'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: [ HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS ]. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '[ WWW.FITCHRATINGS.COM ]'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.