Fitch: Ladder Capital notes BB

Fitch Ratings said it assigned an issuer default rating of BB to Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corp., along with an expected BB rating on its $300 million senior unsecured debt due 2017.

The outlook is stable.

The ratings are supported by Ladder's experienced management team, conservative leverage profile, strong credit and operating trends, Fitch said, and adequate liquidity.

Rating constraints include the company's predominantly secured funding profile with a heavy reliance on short-term funding, limited operating history and revenue diversity, the agency said.

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