The floating-rate notes of Thornburg Mortgage Capital Resources LLC have been downgraded from F1-plus to C by Fitch Ratings. Fitch said all the outstanding floating-rate notes in the program have extended for 30 business days, with a final maturity of April 14. The downgrade was attributed to concerns regarding further declines in the market value of the collateral supporting the program, continued deterioration in the liquidity of the mortgage-backed securities market, the reduced availability of repo financing, and the potential for additional liquidations of similar collateral by other market participants. Fitch can be found on the Web at http://www.fitchratings.com.
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