First Industrial REIT junked by S&P

First Industrial Realty Trust, a real-estate investment trust with 70 million square feet of warehouse and industrial assets, lost investment-grade status on March 6 when Standard & Poor's lowered the corporate credit by two grades to BB.

S&P downgraded in anticipation of the $125 million note maturity on June 15 coupled with a fully drawn credit facility and only $25 million cash on hand.

Moody's Investors Service also downgraded the Chicago-based REIT on March 5. Moody's retained investment-grade status by only lowering the senior unsecured debt to Baa3, the lowest investment-grade rating.