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Moody's upgrades rating of First Industrial operating partnership

Moody's upgraded the senior unsecured debt rating of the operating partnership subsidiary of Chicago-based First Industrial Realty Trust Inc. to Baa2 from Baa3 and revised its outlook to stable from positive.

The upgrade was attributed to the subsidiary's improved credit profile, supported by lower leverage, secured debt levels and improved fixed charge coverage ratio, the rating agency said in a release, adding that it also considered the unit's improved portfolio composition amid its shift toward bulk and regional warehouses assets.

Moody's noted that the partnership owns a portfolio that is relatively smaller than that of its peers in the industrial and broader real estate investment trust industry.

The stable outlook reflects the agency's expectation that First Industrial LP will be prudent in managing its development pipeline.