S&P elevates Ladder Capital

S&P said it raised its long-term issuer credit rating on Ladder Capital Finance Holdings LLP to BB from BB-. The outlook is stable.

At the same time, S&P is raising its issue rating on the company's senior unsecured notes to BB- from B+.

“The upgrade is based on the company's good operating track record and increased unsecured funding, including the new unsecured issuance of $400 million used to pay down secured debt and an issuance earlier this year of $500 million in unsecured notes to repay $297 million of outstanding unsecured notes that were previously due in 2017,” S&P said in a news release.

“The company has continued to move toward increased unsecured funding, decreasing the use of secured facilities as a percentage of total funding while increasing unencumbered assets.”

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