Fitch affirms Ladder Capital

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 is stable.

“The affirmations reflect Ladder's established platform as a commercial real estate (CRE) lender and investor; conservative underwriting culture; granular portfolio; continued adherence to leverage targets commensurate with the risk profile of its assets; internal management structure; and expanding access to capital,” the agency said in a news release.

“Rating constraints include Ladder's focus on the CRE market, which exhibits volatility through the credit cycle; reliance on wholesale funding; the absence of a track record as a standalone entity through a full credit cycle; and key man risk associated with CEO Brian Harris.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.