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Fitch cuts Thornburg unit’s extended notes rating

Mar 11, 2008 Market Outlook

SAN FRANCISCO (MarketWatch) — Fitch Ratings said it downgraded the extended
notes rating of Thornburg Mortgage Capital Resources LLC, a financing arm of
Thornburg Mortgage Asset Corp. , to C from F1+, and kept the rating on review for
a possible downgrade. The rating concerns $300 million in outstanding
floating-rate notes. Fitch said the downgrade reflects the ratings agency’s
concerns on continued declines in the market value of the collateral supporting
the notes.

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