Fitch affirms Ladder Capital, view to negative

Fitch Ratings said it affirmed the long-term issuer default ratings and senior unsecured debt ratings of Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corp., subsidiaries of Ladder Capital Corp. at BB+. The outlook has been revised to negative from stable.

“The rating outlook revision reflects Fitch's belief that Ladder's liquidity profile has weakened, including a decline in unencumbered assets in excess of the amount required under its covenants, and leverage has increased in recent weeks, as a decline in commercial mortgage-backed securities (CMBS) values has required the firm to pledge additional collateral to its secured repurchase facilities,” Fitch said in a press release.

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