Moody’s rates Ladder notes Ba2

Moody’s Investors Service said it rated Ladder Capital Finance Holdings LLLP’s planned backed senior unsecured notes due 2029 Ba2.

The Ba2 rating is based on Ladder's ba1 stand-alone assessment, the priority and proportion of the notes in Ladder's debt capital structure and the strength of the notes' asset coverage, Moody’s said.

Proceeds will be used for general corporate purposes, which may include funding new loans, investments in core businesses and repayments of debt.

The agency also affirmed the Ba1 corporate family rating of Ladder Capital Corp. and the Ba2 senior unsecured ratings of Ladder Capital Finance and revised their outlooks to stable from negative.

The outlook revision is based on the resilience of the company's loan portfolio during the pandemic-induced commercial real estate downturn, and expectations that profitability will improve and asset quality and leverage will stay stable over the next 12-18 months, the agency said.

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