Fitch rates Thornburg Mortgage preferreds BB-

Fitch Ratings said it rates Thornburg Mortgage Inc.'s issuance of $50 million of 8.0% series C cumulative redeemable preferred securities BB-. The outlook is stable.

Concurrent with this action, Fitch affirmed the rating at BB with a positive outlook on Thornburg's senior unsecured debt.

Fitch said the ratings reflect the company's good asset quality, improving funding diversity and solid risk-based capitalization.

Rating concerns center on the company's significantly encumbered balance sheet, sizable debt rollover risk and rising competition for residential mortgage originations, Fitch said.

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