Fitch rates Ladder notes BB

Fitch Ratings said it affirmed the BB long-term issuer default ratings and senior unsecured note ratings of Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corp., subsidiaries of Ladder Capital Corp.

Fitch also said it assigned an expected rating of BB to Ladder's expected $500 million issuance of senior unsecured notes.

The outlook is stable.

The ratings reflect Ladder's established platform as a commercial real estate lender and investor, conservative underwriting culture, granular portfolio, continued adherence to a leverage target and access to multiple sources of capital, Fitch said,

Rating constraints include Ladder's less diversified business model focused on commercial real estate, along with increased performance pressures, the agency said.

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