S&P Global Ratings revised its outlook on Ladder Capital Finance Holdings LLLP to positive from stable and affirmed the company's BB- issuer credit rating and B+ unsecured debt rating.
Ladder Capital Corp.'s B+ senior unsecured rating was also affirmed.
The rating agency said the positive outlook is based on Ladder Capital Finance Holdings' good operating track record and enhanced unsecured funding efforts. In March, Ladder Capital units Ladder Capital Finance Holdings and Ladder Capital Finance Corp. issued $500 million aggregate principal amount of 5.250% senior notes in part to redeem its remaining outstanding 7.375% senior notes due 2017.
The ratings reflect Ladder Capital Finance Holdings' concentration in commercial real estate and its partial reliance on secured repurchase facilities that have the potential for margin calls.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.