Fitch rates Ladder notes BB+

Fitch Ratings said it gave Ladder Capital Finance Holdings LLLP’s and Ladder Capital Finance Corp.’s $650 million of new senior unsecured notes due 2029 an expected BB+ rating. The issuers are subsidiaries of Ladder Capital Corp.

“Fitch does not expect the issuance to have a material impact on the firm's leverage, as proceeds from the new unsecured notes issuance along with existing cash are expected to be used toward the reduction of other debt, which may include the redemption of $465.9 million unsecured notes maturing in March 2022,” the agency said in a press release.

Concurrently, Fitch affirmed their ratings at BB+ and revised the outlook to stable from negative.

“The rating outlook revision reflects the decline in adjusted leverage, which was within the firm's targeted range of 2x-3x at March 31, 2021 at 2.3x, and the significant improvement in Ladder's liquidity profile in recent quarters, as unrestricted cash stood at $1.3 billion at the end of 1Q21, or 24.2% of total assets, compared with 4.9% of total assets at 1Q20,” Fitch said.

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