The senior unsecured debt of Thornburg Mortgage Inc. has been downgraded from Ba3 to B2 by Moody's Investors Service, and Thornburg's preferred stock has been downgraded from B2 to Caa1.The ratings remain under review for possible downgrade. "These rating actions reflect further deterioration in Thornburg's liquidity position due to significant funding and valuation volatility in the single-family mortgage market, even for the prime-quality assets in which Thornburg Mortgage invests," said Moody's analyst Brian Harris. Thornburg, a real estate investment trust, focuses on originating and investing in prime jumbo single-family mortgages, and Moody's said the REIT's access to the capital markets "continues to be constrained by dislocations in mortgage pricing in the jumbo mortgage market." Moody's can be found online at http://www.moodys.com.
