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Article: Fitch Rates Thornburg Mortgage 'BB', Rating Outlook Stable.
- Article from:
- Business Wire
- Article date:
- November 20, 2003
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Business Editors
NEW YORK--(BUSINESS WIRE)--Nov. 20, 2003
Fitch Ratings initiates coverage of Thornburg Mortgage, Inc.'s (Thornburg Mortgage) $255 million of senior unsecured notes at 'BB'. The Rating Outlook is Stable. The rating initiation includes the follow-on offering of $55 million that Thornburg priced on Nov. 17.
Thornburg Mortgage's rating strengths focus on its high quality earning asset base, which consists of nearly 89% 'AAA'-rated residential mortgage backed securities (MBS). In addition, approximately 8% of the company's earning assets consist of unsecuritized whole loans with an average FICO score of 738 and a weighted average ...