March 3, 2008 / 8:41 PM / 10 years ago

S&P cuts Thornburg Mortgage to selective default

NEW YORK, March 3 (Reuters) - Standard & Poor’s on Monday cut its ratings on Thornburg Mortgage Inc to “selective default,” citing the company’s announcement that it is in default with a counterparty on a reverse repurchase agreement.

Thornburg Mortgage TMA.N said on Monday it has failed to meet a surge in margin calls, raising concern the jumbo mortgage lender might file for bankruptcy. S&P lowered its rating from “B-minus,” the sixth-highest junk rating. (Reporting by Dena Aubin; Editing by Dan Grebler)

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