S&P rates Ladder notes BB-

S&P said it gave a BB- rating to Ladder Capital Finance Holdings LLLP’s planned $400 million of senior unsecured notes due 2029. Concurrently, the agency raised its debt rating on Ladder Capital Finance senior unsecured notes to BB- from B+ and affirmed the BB- issuer credit rating.

“We base the one-notch upgrade on LADR's unsecured debt on the company's reduction of recourse secured debt over the past year and our view that LADR is likely to operate with priority debt of less than 30% of our calculation of adjusted assets, while maintaining unencumbered assets above its outstanding unsecured debt,” S&P said in a press release.

LADR reduced its repurchase financing to $577 million as of March 31 from more than $1.8 billion at year-end 2019.

The outlook remains stable.

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