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S&P ups Thornburg Mortgage outlook to positive
Standard & Poor's said it revised Thornburg Mortgage Inc.'s outlook to positive from stable and affirmed the company's BB long-term counterparty credit rating and BB- senior unsecured debt rating.
S&P said the he outlook revision reflects the significant progress Thornburg Mortgage has achieved during the past two years in improving its funding profile and its increased financial flexibility given the increased unencumbered asset base.
The ratings on the company reflect its high-quality assets, solid operating performance and demonstrated success in raising equity during various market conditions, the agency said.
These factors are partially mitigated by the wholesale nature of Thornburg Mortgage's originations, increased leverage, monoline business profile and the limited ability to retain capital given its real estate investment trust status.
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