S&P: Ladder Capital notes B+

Standard & Poor's said it assigns a BB- issuer credit rating to Ladder Capital Finance Holdings LLLP. The outlook is stable.

At the same time, the agency said it assigned a B+ rating to the company's proposed issuance of $300 million in senior unsecured notes.

"Our ratings on Ladder Capital reflect its concentration in commercial real estate, or CRE, its reliance on secured funding lines with the potential for margin calls, its relatively short operating history, and key-man risk," said S&P credit analyst Brendan Browne in a news release.

The company's conservative leverage, liquidity management and access to borrowings from the Federal Home Loan Bank system help reduce these risks and are positive factors, S&P said.

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