Ladder Capital Finance Holdings LLP is issuing approximately $400 million of senior unsecured notes and expects to use the proceeds to pay down secured funding. Ladder has displayed a stronger funding profile less reliant on secured funding, growth in unencumbered assets, and consistent leverage of 2.5x to 3.0x. We are raising the issuer credit rating on the company to 'BB'. In addition we are raising our unsecured debt rating to 'BB-' from 'B+'. The stable outlook reflects our expectation that the company will maintain leverage of 2.0x to 3.0x debt to adjusted total equity, adequate liquidity, and good stable asset performance across its investment portfolios. On Sept. 11, 2017, S&P Global Ratings raised its long-term issuer credit rating on Ladder
