S&P drops Thornburg preferreds to D

Standard & Poor's said it lowered Thornburg Mortgage Inc.'s preferred stock rating to D from C. The counterparty credit rating remains on selective default.

Thornburg amended the terms of each series of preferred stock to make dividends non-cumulative, which qualifies as a default under the agency's criteria, S&P said.

The company also announced that it did not have sufficient liquidity to make its last scheduled preferred stock dividend payment, according to the agency.

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