Moody's Investors Service has downgraded the servicer quality rating of First Horizon Home Loans as a primary servicer of prime loans from SQ2-plus to SQ2 and removed it from review for possible downgrade. In addition, at the company's request, Moody's has withdrawn First Horizon's rating as a primary servicer of second-lien mortgage loans. Moody's said the downgrade was prompted by "the high level of volatility" in the U.S. residential mortgage market, as well as the rating agency's downgrade of the long-term, senior unsecured debt rating of First Horizon's parent, First Horizon National Corp., from A3 to Baa1 with a negative outlook. Moody's can be found on the Web at http://www.moodys.com.
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