Fitch: Thornburg view now positive

Fitch Ratings said it affirmed Thornburg Mortgage Inc.'s senior unsecured debt rating at BB and revised the outlook to positive from stable.

The outlook revision reflects improvements that Thornburg has begun to make to its funding profile over the past 12 months, as well as an improving unencumbered asset base and a tightening interest rate repricing gap.

The company has started to reduce its reliance on the reverse repurchase market that is predominantly provided by investment and commercial banks. This has been achieved as Thornburg has made greater use of collateralized debt obligations and a $5 billion commercial paper conduit program (CP conduit, rated F1+ by Fitch).

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