Moody's: Thornburg stable

Moody's Investors Service said it affirmed its Ba2 ratings on the senior unsecured debt of Thornburg Mortgage Inc. and concurrently changed the outlook to stable from negative.

According to Moody's, this rating action reflects the rating agency's expectation that Thornburg Mortgage's leverage tolerances will not experience additional sharp increases, and that the REIT will further diversify its funding sources, lengthen the maturity of its debt, build its mortgage origination platform and keep interest rate risks within narrow tolerances.

According to Moody's, Thornburg Mortgage's likely trend in leverage over the intermediate term is consistent with the Ba2 rating category. The rating agency expects that the REIT's leverage, as measured by book equity to total assets, will rise from 7.2% at first quarter 2004 to at most 6.5% in the next several years, but will not rise from there.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.