May 25, 2011
VIA EDGAR
Mr. Jim B. Rosenberg
Senior Assistant Chief Accountant
United States Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
RE: CIGNA Corporation
Form 10-K for the Year Ended December 31, 2010
Filed February 25, 2010
File No. 001-08323
Dear Mr. Rosenberg:
On behalf of CIGNA Corporation (the Company), the following is the Company’s response to your comment letter of April 29, 2011 relating to the Company’s Form 10-K for the year ended December 31, 2010. For your convenience, we have repeated the comments set forth in your letter and followed with the Company’s response.
Form 10-K for the year ended December 31, 2010
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Investment Assets
Fixed Maturities, page 88
1. | Please provide us the following regarding your investments in state and local governments: |
· | The credit rating agency used to assign credit quality in the table on page 89; |
· | What “The Company focuses on the underlying issuer’s credit quality…” means including a description of your process to evaluate these investments other than external credit ratings. If your process includes reference to credit spreads, provide the amortized cost and fair value of investments whose externally assigned credit quality differed from that which would be indicated by its credit spread at December 31, 2010; and |
· | The amortized cost and fair value separately for special revenue bonds categorized by state, municipality and political subdivision and their credit rating with and without a financial guarantee by third parties, and their primary revenue sources. |
Below is the information requested for the Company’s state and local government fixed maturities.
· | The quality ratings presented in the table on page 89 represent the average of ratings from S&P, Moody’s and Fitch (nationally recognized statistical rating organizations) where they are available for each issuer. |
· | The Company employs a disciplined investment underwriting process to assess the quality of each individual debt offering prior to purchase. We do not rely on monoline insurer guarantees or credit ratings assigned by the national statistical rating agencies as the primary basis for our investment decisions. The Company performs a credit quality assessment using criteria similar to that of the national rating agencies including: reviewing financial statements, offering statements, credit agency commentary and other issuer news or information. The Company is predominantly a buy and hold investor as investments are utilized to support insurance liabilities. However, we do conduct credit monitoring subsequent to purchase whereby each credit is monitored daily and more formally reviewed on a monthly basis. The ongoing credit monitoring process utilizes information similar to that assessed at initial underwriting. Credit spreads are not a focus of the credit assessment at initial purchase or during ongoing credit monitoring and therefore, the requested data is not available. |
· | Included in Exhibit I (see attachment) of this letter is the information requested for state and local government investments. The Company’s state and local government investments had a fair value of $2.5 billion as of December 31, 2010, including revenue bonds with a fair value of $1.3 billion. The attached Exhibit I lists bonds that are funded by specific revenue streams that are not related to the general obligation funds of the municipality or political subdivision. |
Commercial Mortgage Loans, page 89
2. | You disclose on page 139 that you reassess internal quality ratings assigned to your commercial loans when a borrower requests the restructuring of their loan. Please provide us proposed disclosure to be included in future filings addressing the following for commercial mortgage loans that have been modified or restructured for which you have not considered the loans to be impaired: |
· | The amount of these loans and types of modifications being made (e.g. extension of terms, change of interest rates or principal, etc.), whether loan terms are being adjusted from the original terms, and whether you consider these types of loans as collateral-dependent; |
· | To the extent you extend commercial loans at or near maturity at the existing loan rate or restructure the loan’s interest rate or principal amount, how you consider whether it is a troubled debt restructuring; |
· | To the extent these modifications qualify for trouble debt restructuring accounting, please provide the disclosures required by ASC Section 310-40-50; |
· | For those with a guarantee, separately identify them and address: |
o | How you evaluate the financial wherewithal of the guarantor, addressing the type of financial information reviewed, how current and objective the information reviewed is, and how often the review is performed; |
o | How many times you have sought performance under the guarantee discussing the extent of the successes. Discuss the decision making process you go through in deciding whether to pursue the guarantor and whether there are circumstances you would not seek to enforce the guarantee; and |
o | Whether you considered these loans impaired prior to modification; |
· | Quantify the dollar amount of commercial loans in which your carrying value is in excess of the appraised value but not considered impaired; |
· | Your accounting policy for accruing interest income on commercial loans that have been restructured; and |
· | Your policy to ensure that appraisals used to determine the loan-to-value ratio of your commercial loans is current. |
2
By way of background, the Company’s commercial mortgage portfolio consists of approximately 170 heterogeneous loans with a total carrying value of $3.5 billion as of December 31, 2010. Each of our loans is considered a collateral dependent loan and assessed for impairment individually.
The first four bullets of your inquiry request disclosures about loans that have been modified or restructured since origination but are not considered impaired because the Company expects to receive all contractual cash flows. As of December 31, 2010, this population totaled 8 loans with $168 million of outstanding principal (representing less than 5% of the commercial mortgage portfolio). These loans were modified over the past three years, do not contain guarantees and are not considered trouble debt restructures. In order to determine if a modification is a trouble debt restructuring the primary criteria the Company considers are whether the modification included a concession related to principal or accrued interest, a below market interest rate or more than an insignificant delay or insignificant shortfall in payments. For each of the periods presented in our Form 10-K these loans and the financial statement impact of their modifications are not considered material either individually or in the aggregate relative to the Company’s commercial mortgage portfolio, results of operations, financial condition and liquidity. Therefore the Company has not included these details in our disclosures as of December 31, 2010.
In future filings, if the impact of loans modified but not impaired remains immaterial, we will explicitly disclose such fact. If the impact of future modifications is material, we will disclose the amount and types of modifications and their financial statement impact. Additionally, in compliance with the implementation date prescribed by the amended trouble debt restructuring guidance (ASU 2011-02), the Company will include, in our September 30, 2011 filing, disclosure of our policy to determine a trouble debt restructure.
The final three bullets of your disclosure request apply more broadly to our commercial mortgage portfolio and disclosures included in our Form 10-K address these items as follows;
· | As of December 31, 2010, the Company’s commercial mortgage loan MD&A disclosures on page 90 quantify the number of loans (7) and aggregate amount ($17m) by which carrying value is in excess of collateral value. Unimpaired loans comprise 6 of the 7 aforementioned loans and have a carrying value of $124 million that exceeds property values of $111 million by $13 million. Given the immaterial amount of the shortfall, the small number of these loans, and the Company’s expectation that all of their principal and interest will be collected the Company has not provided more detailed disclosure. |
· | The Company currently includes accounting policy disclosures in Footnote 2 “Summary of Significant Accounting Policies”. The Net Investment Income policy on page 106 of the Company’s Form 10-K cites that the Company stops recognizing interest income when interest payments are delinquent based on contractual terms or when certain terms of the investment have been restructured and income on these restructured investments is only recognized when payments are received. |
· | Footnote 12 “Investments”, specifically section B. Commercial Mortgage Loans on page 139 of the Company’s Form 10-K provides an overall description of the credit quality monitoring process including the Company’s policy to annually review and value all properties serving as collateral for commercial mortgages. |
3
In connection with our responses to the Commission’s comments, the Company acknowledges that:
· | the Company is responsible for the adequacy and accuracy of the disclosure in the filing; |
· | staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filings; and |
· | the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
If you have any questions concerning our responses to your questions and comments, please do not hesitate to contact me, at (215) 761-1170 or by facsimile at (215) 761-5059.
Sincerely yours, | |
Mary T. Hoeltzel | |
Vice President, Chief Accounting Officer |
4
Exhibit I - Page 1 of 5
State | Municipality / Subdivision | Primary Revenue Source | Credit Rating with Guarantee | Credit Rating without Guarantee | Amortized Cost | Fair Value | ||||||
Alaska | $ | 7,345,512 | $ | 7,762,961 | ||||||||
ALASKA ENERGY AUTH PWR REV | ELEC. PWR. & LT. REVS. | Aa2 | Aa2 | 1,018,101 | 1,144,063 | |||||||
ALASKA RR CORP CAP GRNT RCPTS | GOVT. FD./GRANT REV. | A1 | A1 | 2,903,396 | 3,054,648 | |||||||
ALASKA INDL DEV & EXPT AUTH PW | ELEC. PWR. & LT. REVS. | Aaa | Aaa | 115,000 | 115,000 | |||||||
ALASKA INDL DEV & EXPT AUTH PW | ELEC. PWR. & LT. REVS. | Baa2 | Baa2 | 1,635,000 | 1,635,000 | |||||||
ANCHORAGE ALASKA ELEC UTIL REV | ELEC. PWR. & LT. REVS. | A3 | A1 | 1,674,015 | 1,814,250 | |||||||
Alabama | $ | 2,587,041 | $ | 2,707,578 | ||||||||
BIRMINGHAM ALA WTRWKS & SWR BR | WATER REVENUE | A1 | A1 | 1,054,439 | 1,084,844 | |||||||
UNIVERSITY ALA AT BIRMINGHAM | HLTH, HOSP, NURSHOME REV. | No Guarantee | A1 | 1,532,602 | 1,622,734 | |||||||
Arizona | $ | 49,786,831 | $ | 52,751,020 | ||||||||
ARIZONA BRD REGENTS CTFS PARTN | LEASE (APPROPRIATION) | A1 | A1 | 2,361,629 | 2,438,923 | |||||||
ARIZONA ST TRANSN BRD | HIGHWAY REVENUE TOLLS | Aa2 | Aa2 | 2,558,107 | 2,655,469 | |||||||
ARIZONA WTR INFRASTRUCTURE FIN | WATER REVENUE | No Guarantee | Aaa | 6,705,540 | 7,113,594 | |||||||
CHANDLER ARIZ STR & HWY USER R | FUEL SALES TAX REVENUE | Aa2 | Aa2 | 1,618,238 | 1,698,594 | |||||||
CHANDLER ARIZ STR & HWY USER R | WATER REVENUE | No Guarantee | Aa1 | 4,226,749 | 4,572,790 | |||||||
GILBERT ARIZ PUB FACS MUN PPTY | MISCELLANEOUS REVENUE | Aa2 | Aa2 | 1,057,023 | 1,120,938 | |||||||
MESA ARIZ STR & HWY REV | FUEL SALES TAX REVENUE | Aa3 | A1 | 3,807,950 | 3,882,813 | |||||||
MESA ARIZ UTIL SYS REV | MULTIPLE UTILITY REV. | Aa3 | Aa3 | 2,825,118 | 3,026,453 | |||||||
NORTHERN ARIZ UNIV REVS | COLLEGE & UNIV. REV. | A1 | A1 | 2,510,602 | 2,611,070 | |||||||
PHOENIX ARIZ CIVIC IMPT CORP | PRT, AIRPRT & MARINA REV. | No Guarantee | Aa3 | 5,472,483 | 5,797,027 | |||||||
PHOENIX ARIZ CIVIC IMPT CORP | WATER REVENUE | Aa1 | Aa1 | 11,527,047 | 12,439,831 | |||||||
PIMA CNTY ARIZ STR & HWY REV | MISCELLANEOUS REVENUE | Aa2 | Aa3 | 2,490,862 | 2,626,723 | |||||||
TUCSON ARIZ WTR REV | WATER REVENUE | Aa2 | Aa2 | 2,625,483 | 2,766,797 | |||||||
California | $ | 24,816,852 | $ | 25,559,173 | ||||||||
CALIFORNIA EDL FACS AUTH REV | COLLEGE & UNIV. REV. | Aa3 | Aa3 | 2,741,188 | 3,129,375 | |||||||
CALIFORNIA STATEWIDE CMNTYS DE | MISCELLANEOUS REVENUE | A2 | A2 | 1,339,490 | 1,337,427 | |||||||
LOS ANGELES CALIF DEPT ARPTS A | PRT, AIRPRT & MARINA REV. | No Guarantee | Aa2 | 1,546,411 | 1,654,219 | |||||||
PORT OAKLAND CALIF | PRT, AIRPRT & MARINA REV. | A3 | A3 | 2,657,293 | 2,595,200 | |||||||
SAN DIEGO CNTY CALIF REGL ARPT | PRT, AIRPRT & MARINA REV. | A1 | A1 | 2,007,411 | 2,072,500 | |||||||
SAN FRANCISCO CALIF CITY & | PRT, AIRPRT & MARINA REV. | Aa3 | A1 | 2,008,238 | 2,128,438 | |||||||
SAN JOSE CALIF ARPT REV | PRT, AIRPRT & MARINA REV. | A2 | A2 | 5,662,782 | 5,777,974 | |||||||
SAN MATEO CNTY CALIF JT PWRS A | LEASE (ABATEMENT) | Baa2 | No Underlying Rating | 1,972,032 | 1,930,871 | |||||||
SANTA CRUZ CNTY CALIF CTFS PAR | LEASE (ABATEMENT) | Baa2 | No Underlying Rating | 4,067,008 | 4,090,625 | |||||||
SOLANO IRRIGATION DISTRICT | ELEC. PWR. & LT. REVS. | No Guarantee | Baa1 | 815,000 | 842,544 | |||||||
Colorado | $ | 51,229,099 | $ | 55,393,742 | ||||||||
COLORADO DEPT TRANS REV | TRANSIT REVENUE | Aa2 | Aa2 | 22,533,887 | 24,560,703 | |||||||
COLORADO ST DEPT CORRECTIONS | LEASE(RENEWAL) | Aa3 | Aa3 | 2,611,943 | 2,790,234 | |||||||
COLORADO WTR RES & PWR DEV AUT | WATER REVENUE | No Guarantee | Aa1 | 7,414,749 | 7,948,172 | |||||||
COLORADO WTR RES & PWR DEV AUT | WATER REVENUE | No Guarantee | Aa1 | 4,462,989 | 4,718,717 | |||||||
DENVER COLO CITY & CNTY WTR CO | WATER REVENUE | Aaa | Aaa | 2,472,079 | 2,666,516 | |||||||
METRO WASTEWTR RECLAMATION DIS | SEWER REVENUE | No Guarantee | Aa1 | 2,044,441 | 2,101,250 | |||||||
MUNICIPAL SUBDIST NORTHERN COL | WATER REVENUE | A1 | A1 | 3,427,506 | 3,648,000 | |||||||
REGIONAL TRANSN DIST COLO SALE | SALES TAX REVENUE | No Guarantee | Aa1 | 5,160,091 | 5,786,719 | |||||||
UNIVERSITY COLO ENTERPRISE SYS | COLLEGE & UNIV. REV. | Aa2 | Aa3 | 1,101,415 | 1,173,431 | |||||||
District of Columbia | $ | 16,957,204 | $ | 18,768,906 | ||||||||
DISTRICT COLUMBIA WTR & SWR AU | WATER REVENUE | Aa2 | Aa2 | 5,213,984 | 5,694,531 | |||||||
METROPOLITAN WASHINGTON D C AR | PRT, AIRPRT & MARINA REV. | Aa3 | Aa3 | 11,743,220 | 13,074,375 | |||||||
Florida | $ | 73,407,551 | $ | 77,843,709 | ||||||||
BREVARD CNTY FLA SCH BRD CTFS | LEASE (APPROPRIATION) | Aa3 | Aa3 | 1,063,724 | 1,079,844 | |||||||
BROWARD CNTY FLA SCH BRD CTFS | LEASE REV. | Aa3 | A1 | 1,541,634 | 1,629,141 | |||||||
COLLIER CNTY FLA SCH BRD CTFS | LEASE (APPROPRIATION) | Aa2 | Aa3 | 3,345,828 | 3,572,149 | |||||||
DUVAL CNTY FLA SCH BRD CTFS | LEASE(RENEWAL) | Aa3 | Aa3 | 4,638,763 | 4,837,180 | |||||||
FLORIDA ST TPK AUTH TPK REV | HIGHWAY REVENUE TOLLS | Aa3 | Aa3 | 2,338,429 | 2,479,395 | |||||||
GREATER ORLANDO AVIATION AUTH | PRT, AIRPRT & MARINA REV. | Aa2 | Aa3 | 12,722,447 | 13,713,438 | |||||||
GREATER ORLANDO AVIATION AUTH | PRT, AIRPRT & MARINA REV. | Aa3 | Aa3 | 1,844,747 | 1,994,906 | |||||||
HILLSBOROUGH CNTY FLA SCH BRD | LEASE(RENEWAL) | Aa2 | Aa2 | 3,185,976 | 3,239,531 | |||||||
HILLSBOROUGH CNTY FLA UTIL REF | WATER REVENUE | Aa1 | Aa1 | 2,109,002 | 2,266,875 | |||||||
LEON CNTY FLA EDL FACS AUTH CT | LEASE (APPROPRIATION) | No Guarantee | Aaa | 2,514,245 | 2,727,512 | |||||||
MARION CNTY FLA SCH BRD CTFS P | LEASE(RENEWAL) | A1 | A1 | 1,629,699 | 1,674,727 | |||||||
MIAMI-DADE CNTY FLA SCH BRD CT | LEASE REV. | A2 | A2 | 3,043,980 | 2,988,553 | |||||||
MIAMI-DADE CNTY FLA SCH BRD CT | LEASE(RENEWAL) | A2 | A2 | 1,056,510 | 1,079,688 | |||||||
ORANGE CNTY FLA SCH BRD CTFS P | LEASE (APPROPRIATION) | Aa3 | Aa3 | 1,033,886 | 1,088,438 | |||||||
ORLANDO FLA UTILS COMMN WTR & | WATER REVENUE | No Guarantee | Aa2 | 4,424,068 | 4,995,169 | |||||||
OSCEOLA CNTY FLA SCH DIST | SALES TAX REVENUE | A1 | A2 | 1,387,884 | 1,444,445 | |||||||
PALM BEACH CNTY FLA REV | MISCELLANEOUS REVENUE | No Guarantee | Aa1 | 1,359,100 | 1,497,284 | |||||||
PALM BEACH CNTY FLA SCH BRD CT | LEASE (APPROPRIATION) | Aa2 | Aa3 | 1,033,035 | 1,112,813 | |||||||
PALM BEACH CNTY FLA SCH BRD CT | LEASE (APPROPRIATION) | Aa3 | Aa3 | 1,056,728 | 1,112,813 | |||||||
PORT EVERGLADES AUTH FLA PORT | PRT, AIRPRT & MARINA REV. | No Guarantee | Aaa | 941,394 | 1,011,306 | |||||||
PORT ST LUCIE FLA UTIL REV | WATER REVENUE | Aa3 | Aa3 | 1,080,048 | 1,080,000 | |||||||
SEACOAST FLA UTIL AUTH WTR & S | SEWER REVENUE | Aa3 | Aa3 | 4,197,525 | 4,317,325 | |||||||
SEMINOLE CNTY FLA SALES TAX RE | SALES TAX REVENUE | Aa2 | Aa2 | 1,733,558 | 1,797,991 | |||||||
SUNRISE FLA UTIL SYS REV | WATER REVENUE | Aa3 | Aa3 | 1,953,639 | 2,218,725 | |||||||
TAMPA BAY WTR FLA UTIL SYS REV | WATER REVENUE | Aa1 | Aa1 | 4,930,070 | 5,365,505 | |||||||
TAMPA FLA WTR & SWR REV | WATER REVENUE | Aa1 | Aa1 | 2,106,757 | 2,222,188 |
Exhibit I - Page 2 of 5
TAMPA FLA WTR & SWR REV | WATER REVENUE | Aa2 | Aa2 | 2,137,854 | 2,283,300 | |||||||
VOLUSIA CNTY FLA SCH BRD SALES | SALES TAX REVENUE | Baa1 | Baa1 | 2,997,022 | 3,013,473 | |||||||
Georgia | $ | 42,217,406 | $ | 46,586,858 | ||||||||
ALBANY DOUGHERTY GA PAYROLL | INDUSTRIAL REVENUE | No Guarantee | Aa3 | 2,338,880 | 2,333,984 | |||||||
ATLANTA GA WTR & WASTEWTR REV | WATER REVENUE | A2 | A2 | 15,724,487 | 17,332,694 | |||||||
CHEROKEE CNTY GA WTR & SEW AUT | WATER REVENUE | Aaa | Aaa | 959,976 | 1,137,853 | |||||||
CHEROKEE CNTY GA WTR & SEW AUT | WATER REVENUE | Baa2 | No Underlying Rating | 3,204,556 | 3,749,755 | |||||||
CLAYTON CNTY & CLAYTON CNTY GA | WATER REVENUE | No Guarantee | Aa2 | 1,946,866 | 2,257,188 | |||||||
COBB CNTY GA SOLID WASTE MGMT | RESOURCE RECOVERY REVENUE | No Guarantee | Aaa | 2,095,093 | 2,255,938 | |||||||
GAINESVILLE GA WTR & SEW REV | WATER REVENUE | Aa3 | Aa3 | 671,376 | 701,679 | |||||||
GEORGIA MUN ELEC AUTH PWR REV | ELEC. PWR. & LT. REVS. | A1 | A1 | 4,812,555 | 5,518,138 | |||||||
GEORGIA MUN ELEC AUTH PWR REV | ELEC. PWR. & LT. REVS. | A2 | A2 | 6,139,528 | 6,747,241 | |||||||
GEORGIA MUN ELEC AUTH PWR REV | ELEC. PWR. & LT. REVS. | Aa3 | A1 | 45,022 | 46,013 | |||||||
GEORGIA MUN ELEC AUTH PWR REV | ELEC. PWR. & LT. REVS. | Aaa | Aaa | 62,405 | 69,401 | |||||||
GWINNETT CNTY GA DEV AUTH CTFS | LEASE(RENEWAL) | Aa1 | Aa1 | 3,762,337 | 3,965,391 | |||||||
PRIVATE COLLEGES & UNIVS FACS | COLLEGE & UNIV. REV. | Aaa | Aaa | 454,325 | 471,586 | |||||||
Hawaii | $ | 9,147,939 | $ | 9,772,383 | ||||||||
HAWAII ST HWY REV | FUEL SALES TAX REVENUE | Aa2 | Aa2 | 5,568,090 | 5,888,320 | |||||||
HAWAII ST HWY REV | FUEL SALES TAX REVENUE | No Guarantee | Aa2 | 1,097,045 | 1,174,688 | |||||||
HONOLULU HAWAII CITY & CNTY | SEWER REVENUE | Aa3 | Aa3 | 2,482,804 | 2,709,375 | |||||||
Iowa | $ | 10,496,120 | $ | 11,442,996 | ||||||||
IOWA FIN AUTH REV | MISCELLANEOUS REVENUE | Aa2 | Aa2 | 10,496,120 | 11,442,996 | |||||||
Illinois | $ | 38,951,678 | $ | 40,623,480 | ||||||||
CHICAGO ILL PUB BLDG COMM BLDG | LEASE (NON-TERMINABLE) | Aa2 | Aa2 | 1,535,024 | 1,644,141 | |||||||
CHICAGO ILL ST UNIV REV | COLLEGE & UNIV. REV. | Baa2 | No Underlying Rating | 3,144,119 | 3,071,250 | |||||||
CHICAGO ILL WASTEWATER TRANSMI | SEWER REVENUE | Aa2 | Aa2 | 997,475 | 1,035,469 | |||||||
ILLINOIS ST SALES TAX REV | SALES TAX REVENUE | No Guarantee | Aa2 | 16,095,535 | 16,131,380 | |||||||
ILLINOIS ST TOLL HWY AUTH TOLL | HIGHWAY REVENUE TOLLS | Aa2 | Aa3 | 4,010,937 | 4,375,000 | |||||||
METROPOLITAN PIER & EXPOSITION | MISCELLANEOUS TAXES | Aa3 | Aa3 | 4,686,005 | 5,046,094 | |||||||
REGIONAL TRANSN AUTH ILL | SALES TAX REVENUE | Aa2 | Aa3 | 3,031,851 | 3,417,656 | |||||||
REGIONAL TRANSN AUTH ILL | SALES TAX REVENUE | Aa3 | Aa3 | 693,716 | 720,213 | |||||||
REGIONAL TRANSN AUTH ILL | TRANSIT REVENUE | Aa3 | Aa3 | 4,757,015 | 5,182,277 | |||||||
Indiana | $ | 73,526,501 | $ | 79,551,861 | ||||||||
BEECH GROVE IND SCH BLDG CORP | LEASE (ABATEMENT) | Aa1 | Aa1 | 3,061,125 | 3,291,500 | |||||||
DANVILLE IND MULTI-SCH BLDG CO | LEASE (ABATEMENT) | A2 | A2 | 1,101,174 | 1,182,480 | |||||||
HAMILTON HEIGHTS IND SCH CORP | LEASE (ABATEMENT) | Aa1 | Aa1 | 1,041,379 | 1,132,344 | |||||||
INDIANA BD BK | MISCELLANEOUS REVENUE | Aa1 | Aa1 | 981,792 | 1,111,406 | |||||||
INDIANA HEALTH & EDL FAC FING | HLTH, HOSP, NURSHOME REV. | No Guarantee | A1 | 543,335 | 561,386 | |||||||
INDIANA ST EDL FACS AUTH REV | COLLEGE & UNIV. REV. | A1 | A1 | 9,246,246 | 10,201,378 | |||||||
INDIANA ST FIN AUTH REV | MISCELLANEOUS REVENUE | No Guarantee | Aaa | 8,042,603 | 8,582,813 | |||||||
INDIANA ST OFFICE BLDG COMMN F | LEASE (APPROPRIATION) | Aa1 | Aa1 | 6,203,446 | 6,530,063 | |||||||
INDIANA ST TOLL RD COMMN TOLL | HIGHWAY REVENUE TOLLS | Aaa | Aaa | 1,243,540 | 1,259,592 | |||||||
INDIANA ST TOLL RD COMMN TOLL | HIGHWAY REVENUE TOLLS | No Guarantee | Aaa | 2,394,597 | 2,444,633 | |||||||
INDIANA TRANSN FIN AUTH HWY RE | HIGHWAY REVENUE TOLLS | Aa1 | Aa1 | 988,725 | 1,105,156 | |||||||
INDIANA TRANSN FIN AUTH HWY RE | HIGHWAY REVENUE TOLLS | No Guarantee | Aa1 | 12,052,120 | 13,244,109 | |||||||
INDIANA TRANSN FIN AUTH HWY RE | TRANSIT REVENUE | Aa1 | Aa1 | 3,233,017 | 3,508,125 | |||||||
INDIANAPOLIS IND LOC PUB IMPT | LEASE REV. | Aa2 | Aa2 | 4,159,263 | 4,433,125 | |||||||
INDIANAPOLIS IND LOC PUB IMPT | MISCELLANEOUS REVENUE | A2 | A2 | 1,979,435 | 1,991,375 | |||||||
INDIANAPOLIS IND LOC PUB IMPT | MISCELLANEOUS REVENUE | Aa2 | Aa2 | 2,487,348 | 2,903,125 | |||||||
INDIANAPOLIS IND LOC PUB IMPT | MISCELLANEOUS REVENUE | No Guarantee | Aaa | 2,002,508 | 2,008,125 | |||||||
NORTH LAWRENCE IND CMNTY SCHS | LEASE (ABATEMENT) | Aa1 | Aa1 | 2,495,971 | 2,586,802 | |||||||
PURDUE UNIV IND UNIV REVS | COLLEGE & UNIV. REV. | No Guarantee | Aa1 | 8,534,399 | 9,541,433 | |||||||
ST JOSEPH CNTY IND EDL FACS RE | COLLEGE & UNIV. REV. | No Guarantee | Aaa | 1,734,478 | 1,932,891 | |||||||
Kansas | $ | 8,772,852 | $ | 10,110,469 | ||||||||
KANSAS ST DEV FIN AUTH REV | WATER REVENUE | No Guarantee | Aaa | 1,069,726 | 1,187,031 | |||||||
OLATHE LABETTE CNTY KANS SINGL | LOCAL OR GTD HOUSING | No Guarantee | Aaa | 7,703,126 | 8,923,438 | |||||||
Kentucky | $ | 22,846,910 | $ | 24,487,943 | ||||||||
JEFFERSON CNTY KY SCH DIST FIN | MISCELLANEOUS REVENUE | Aa2 | Aa3 | 9,522,303 | 10,308,305 | |||||||
KENTUCKY ST PPTY & BLDGS COMMN | LEASE (APPROPRIATION) | Aa2 | Aa3 | 2,716,727 | 2,825,000 | |||||||
KENTUCKY ST PPTY & BLDGS COMMN | LEASE (APPROPRIATION) | Aa3 | Aa3 | 2,091,242 | 2,262,188 | |||||||
KENTUCKY ST PPTY & BLDGS COMMN | LEASE(RENEWAL) | Aa2 | Aa3 | 3,675,035 | 3,893,648 | |||||||
KENTUCKY ST TPK AUTH ECONOMIC | LEASE(RENEWAL) | Aa2 | Aa2 | 2,066,849 | 2,200,000 | |||||||
LOUISVILLE KY REGL ARPT AUTH A | PRT, AIRPRT & MARINA REV. | Aa3 | A1 | 2,774,756 | 2,998,802 | |||||||
Louisiana | $ | 18,199,816 | $ | 18,746,939 | ||||||||
JEFFERSON LA SALES TAX DIST SP | SALES TAX REVENUE | Aa2 | Aa3 | 9,055,803 | 10,144,986 | |||||||
LOUISIANA LOC GOVT ENVIR FACS | MISCELLANEOUS REVENUE | Baa2 | Baa2 | 9,144,013 | 8,601,953 | |||||||
Massachusetts | $ | 54,980,505 | $ | 61,139,719 | ||||||||
MASSACHUSETTS BAY TRANSN AUTH | TRANSIT REVENUE | Aa1 | Aa1 | 2,090,734 | 2,237,157 | |||||||
MASSACHUSETTS ST COLLEGE BLDG | COLLEGE & UNIV. REV. | Aa1 | Aa1 | 5,484,322 | 5,783,969 | |||||||
MASSACHUSETTS ST COLLEGE BLDG | COLLEGE & UNIV. REV. | Aaa | Aaa | 12,165,233 | 15,018,075 | |||||||
MASSACHUSETTS ST HEALTH & EDL | COLLEGE & UNIV. REV. | No Guarantee | Aaa | 2,586,850 | 2,790,563 |
Exhibit I - Page 3 of 5
MASSACHUSETTS ST HEALTH & EDL | COLLEGE & UNIV. REV. | No Guarantee | Aaa | 10,768,901 | 11,713,281 | |||||||
MASSACHUSETTS ST PORT AUTH REV | PRT, AIRPRT & MARINA REV. | Aa2 | Aa3 | 1,545,030 | 1,626,075 | |||||||
MASSACHUSETTS ST SPL OBLIG REV | FUEL SALES TAX REVENUE | Aa1 | Aa1 | 2,671,488 | 2,857,714 | |||||||
MASSACHUSETTS ST SPL OBLIG REV | SALES TAX REVENUE | Aa1 | Aa1 | 2,290,012 | 2,513,156 | |||||||
MASSACHUSETTS ST TPK AUTH MET | HIGHWAY REVENUE TOLLS | A2 | A2 | 5,044,086 | 5,353,125 | |||||||
MASSACHUSETTS ST WTR RES AUTH | WATER REVENUE | Aa1 | Aa1 | 9,285,467 | 10,131,291 | |||||||
UNIVERSITY MASS BLDG AUTH REV | COLLEGE & UNIV. REV. | No Guarantee | Aaa | 1,048,382 | 1,115,313 | |||||||
Maryland | $ | 22,410,135 | $ | 24,281,805 | ||||||||
BALTIMORE CNTY MD REV | HLTH, HOSP, NURSHOME REV. | No Guarantee | Aa2 | 1,147,493 | 1,235,277 | |||||||
BALTIMORE MD REV | AUTO PARKING REVENUE | A1 | A1 | 2,723,075 | 2,915,548 | |||||||
MARYLAND ST DEPT TRANSN CONS | FUEL SALES TAX REVENUE | No Guarantee | Aa1 | 2,604,095 | 2,848,238 | |||||||
MARYLAND ST DEPT TRANSN CONS | INCOME TAX REVENUE | No Guarantee | Aa1 | 14,940,943 | 16,217,742 | |||||||
MARYLAND ST HEALTH & HIGHER ED | HLTH, HOSP, NURSHOME REV. | Aaa | Aaa | 994,528 | 1,065,000 | |||||||
Maine | $ | 5,219,209 | $ | 5,667,188 | ||||||||
MAINE MUN BD BK | MISCELLANEOUS REVENUE | Aa1 | Aa1 | 998,370 | 1,082,813 | |||||||
MAINE MUN BD BK | MISCELLANEOUS REVENUE | No Guarantee | Aa1 | 4,220,839 | 4,584,375 | |||||||
Michigan | $ | 25,079,452 | $ | 27,855,964 | ||||||||
DETROIT MICH WTR SUPPLY SYS | WATER REVENUE | Aa3 | A1 | 2,228,059 | 2,320,666 | |||||||
GRAND RAPIDS MICH SAN SWR SYS | SEWER REVENUE | Aa1 | Aa1 | 5,648,838 | 6,458,859 | |||||||
MICHIGAN ST | LEASE (APPROPRIATION) | No Guarantee | A1 | 3,620,152 | 3,850,580 | |||||||
MICHIGAN ST TRUNK LINE | FUEL SALES TAX REVENUE | Aa2 | Aa2 | 4,886,136 | 5,671,875 | |||||||
MICHIGAN ST TRUNK LINE | FUEL SALES TAX REVENUE | No Guarantee | Aa2 | 8,696,267 | 9,553,984 | |||||||
Minnesota | $ | 3,216,055 | $ | 3,431,250 | ||||||||
MINNESOTA PUB FACS AUTH WTR PO | WATER REVENUE | No Guarantee | Aaa | 3,216,055 | 3,431,250 | |||||||
Missouri | $ | 15,939,974 | $ | 16,234,023 | ||||||||
MISSOURI ST ENVIRONMENTAL IMPT | HIGHWAY REVENUE TOLLS | No Guarantee | Aaa | 3,427,759 | 3,476,250 | |||||||
MISSOURI ST ENVIRONMENTAL IMPT | INDUSTRIAL REVENUE | No Guarantee | Aa3 | 5,160,528 | 4,878,906 | |||||||
MISSOURI ST ENVIRONMENTAL IMPT | MISCELLANEOUS REVENUE | No Guarantee | Aaa | 2,700,946 | 2,928,906 | |||||||
MISSOURI ST ENVIRONMENTAL IMPT | WATER REVENUE | No Guarantee | Aaa | 4,650,741 | 4,949,961 | |||||||
Mississippi | $ | 8,474,166 | $ | 9,870,012 | ||||||||
MISSISSIPPI HSG FIN CORP SINGL | GOVT. SEC'S & INT. | No Guarantee | Aaa | 7,440,226 | 8,721,875 | |||||||
MISSISSIPPI BUSINESS FINANCE C | INDUSTRIAL REVENUE | No Guarantee | Baa1 | 1,033,940 | 1,148,137 | |||||||
North Carolina | $ | 33,205,524 | $ | 34,295,055 | ||||||||
CABARRUS CNTY N C CTFS PARTN | LEASE (APPROPRIATION) | Aa2 | Aa2 | 4,141,704 | 4,174,775 | |||||||
NORTH CAROLINA INFRASTRUCTURE | LEASE (APPROPRIATION) | Aa1 | Aa1 | 8,752,825 | 9,294,448 | |||||||
RALEIGH DURHAM N C ARPT AUTH A | PRT, AIRPRT & MARINA REV. | Aa3 | Aa3 | 8,291,902 | 8,430,180 | |||||||
RALEIGH N C COMB ENTERPRISE SY | WATER REVENUE | No Guarantee | Aaa | 1,170,211 | 1,122,188 | |||||||
UNIVERSITY N C CHAPEL HILL REV | MULTIPLE UTILITY REV. | No Guarantee | Aa1 | 3,441,820 | 3,663,281 | |||||||
UNIVERSITY N C SYS POOL REV | COLLEGE & UNIV. REV. | A1 | A1 | 4,147,488 | 4,077,746 | |||||||
WAKE CNTY N C HOSP REV | HLTH, HOSP, NURSHOME REV. | Aaa | Aaa | 1,622,895 | 1,838,922 | |||||||
WAKE CNTY NC | MISCELLANEOUS REVENUE | No Guarantee | Aa1 | 1,117,687 | 1,134,844 | |||||||
WILMINGTON N C CTFS PARTN | WATER REVENUE | No Guarantee | Aa2 | 518,990 | 558,672 | |||||||
New Hampshire | $ | 10,519,236 | $ | 11,301,570 | ||||||||
MANCHESTER N H SCH FACS REV | MISCELLANEOUS REVENUE | Aa2 | Aa2 | 2,218,103 | 2,361,958 | |||||||
NEW HAMPSHIRE MUN BD BK | MISCELLANEOUS REVENUE | Aa2 | Aa2 | 2,158,237 | 2,322,978 | |||||||
NEW HAMPSHIRE MUN BD BK | MISCELLANEOUS REVENUE | No Guarantee | Aa2 | 6,142,896 | 6,616,634 | |||||||
New Jersey | $ | 34,169,234 | $ | 30,776,228 | ||||||||
CAMDEN CNTY N J MUN UTILS AUTH | SEWER REVENUE | Aa3 | Aa3 | 1,056,946 | 1,118,438 | |||||||
JERSEY CITY N J SEW AUTH SWR | SEWER REVENUE | Baa2 | Baa2 | 1,026,590 | 1,060,469 | |||||||
NEW JERSEY ENVIRONMENTAL INFRA | MISCELLANEOUS REVENUE | No Guarantee | Aaa | 3,812,155 | 4,012,656 | |||||||
NEW JERSEY ST EDL FACS AUTH | COLLEGE & UNIV. REV. | No Guarantee | Aaa | 5,058,508 | 5,539,391 | |||||||
NEW JERSEY ST HWY AUTH GARDEN | HIGHWAY REVENUE TOLLS | Aaa | Aaa | 3,118,021 | 3,533,438 | |||||||
NEW JERSEY ST TRANSN TR FD | HIGHWAY REVENUE TOLLS | Aaa | Aa3 | 996,710 | 1,120,469 | |||||||
NEW JERSEY ST TRANSN TR FD | HIGHWAY REVENUE TOLLS | No Guarantee | A1 | 1,001,949 | 1,022,031 | |||||||
NEW JERSEY ST TRANSN TR FD | HIGHWAY REVENUE TOLLS | No Guarantee | Aaa | 898,787 | 932,766 | |||||||
NEW JERSEY ST TRANSN TR FD | TRANSIT REVENUE | A1 | A1 | 11,042,726 | 6,157,188 | |||||||
NEW JERSEY ST TRANSN TR FD | TRANSIT REVENUE | No Guarantee | Aa2 | 5,602,825 | 5,702,934 | |||||||
RUTGERS ST UNIV N J | COLLEGE & UNIV. REV. | No Guarantee | Aa2 | 554,018 | 576,450 | |||||||
New Mexico | $ | 24,366,366 | $ | 27,139,003 | ||||||||
ALBUQUERQUE N M ARPT REV | PRT, AIRPRT & MARINA REV. | Aa3 | A1 | 4,730,581 | 4,813,280 | |||||||
BERNALILLO CNTY N M GROSS RCPT | MISCELLANEOUS TAXES | No Guarantee | Aa1 | 6,831,430 | 7,354,044 | |||||||
BERNALILLO CNTY N M GROSS RCPT | SALES TAX REVENUE | No Guarantee | Aa1 | 9,021,075 | 10,702,148 | |||||||
NEW MEXICO FIN AUTH ST TRANSN | TRANSIT REVENUE | Aa2 | Aa2 | 1,270,615 | 1,326,172 | |||||||
SANTA FE CNTY N MEX CORRECTION | MISCELLANEOUS REVENUE | Aa2 | A1 | 2,512,665 | 2,943,359 | |||||||
Nevada | $ | 7,344,607 | $ | 7,581,466 | ||||||||
NEVADA ST HWY IMPT REV | FUEL SALES TAX REVENUE | Aa1 | Aa1 | 7,344,607 | 7,581,466 | |||||||
New York | $ | 12,116,874 | $ | 13,691,519 | ||||||||
NEW YORK N Y NEW PUB HSG AUTH | LOCAL OR GTD HOUSING | No Guarantee | Aaa | 300,000 | 314,391 |
Exhibit I - Page 4 of 5
NEW YORK ST DORM AUTH REVS | MISCELLANEOUS REVENUE | No Guarantee | Aa3 | 2,806,600 | 3,112,656 | |||||||
NEW YORK ST ENVIRONMENTAL FACS | INCOME TAX REVENUE | No Guarantee | Aa1 | 4,425,373 | 4,675,409 | |||||||
NEW YORK ST LOC GOVT ASSISTANC | SALES TAX REVENUE | Aa1 | Aa1 | 4,584,901 | 5,589,063 | |||||||
Ohio | $ | 68,410,942 | $ | 73,036,326 | ||||||||
BUTLER CNTY OHIO SWR SYS REV | SEWER REVENUE | Aa3 | Aa3 | 2,464,667 | 2,626,078 | |||||||
CLEVELAND OHIO WTRWKS REV | WATER REVENUE | Aa1 | Aa1 | 689,355 | 705,525 | |||||||
CLEVELAND OHIO WTRWKS REV | WATER REVENUE | Aa1 | Aa2 | 1,831,816 | 1,885,219 | |||||||
HAMILTON CNTY OHIO SEWER SYS R | SEWER REVENUE | Aa2 | Aa2 | 4,773,130 | 5,054,353 | |||||||
OHIO ST BLDG AUTH | LEASE REV. | Aa2 | Aa2 | 4,718,423 | 4,955,048 | |||||||
OHIO ST BLDG AUTH | LEASE(RENEWAL) | Aa2 | Aa2 | 2,169,368 | 2,241,563 | |||||||
OHIO ST BLDG AUTH | LEASE(RENEWAL) | No Guarantee | Aa2 | 1,713,737 | 1,801,330 | |||||||
OHIO ST TPK COMMN TPK REV | HIGHWAY REVENUE TOLLS | Aa2 | Aa2 | 22,795,612 | 24,368,605 | |||||||
OHIO ST WTR DEV AUTH REV | WATER REVENUE | Aaa | Aaa | 6,547,709 | 7,192,563 | |||||||
OHIO ST WTR DEV AUTH REV | WATER REVENUE | No Guarantee | Aaa | 6,089,937 | 6,444,700 | |||||||
OHIO ST WTR DEV AUTH WTR | WATER REVENUE | No Guarantee | Aaa | 14,617,189 | 15,761,343 | |||||||
Oregon | $ | 7,063,807 | $ | 7,540,258 | ||||||||
OREGON ST | FUEL SALES TAX REVENUE | No Guarantee | Aa1 | 1,077,911 | 1,135,000 | |||||||
OREGON ST | LEASE (APPROPRIATION) | Aa2 | Aa2 | 1,064,059 | 1,123,125 | |||||||
PORTLAND ORE SWR SYS REV | SEWER REVENUE | Aa2 | Aa2 | 4,921,837 | 5,282,133 | |||||||
Pennsylvania | $ | 52,518,602 | $ | 55,030,654 | ||||||||
ALLEGHENY CNTY PA | HLTH, HOSP, NURSHOME REV. | No Guarantee | Aa3 | 8,256,134 | 8,740,781 | |||||||
ALLEGHENY CNTY PA | PRT, AIRPRT & MARINA REV. | Baa1 | Baa1 | 2,075,991 | 2,097,550 | |||||||
BETHLEHEM PENN AUTH WTR | WATER REVENUE | Aa2 | No Underlying Rating | 1,978,278 | 2,033,710 | |||||||
DELAWARE VALLEY PA REGL FIN AU | MISCELLANEOUS REVENUE | A2 | A2 | 24,157,057 | 24,613,281 | |||||||
NORTHAMPTON CNTY PA GEN PURP | MISCELLANEOUS REVENUE | Aa1 | Aa1 | 6,590,645 | 7,020,797 | |||||||
NORTHAMPTON CNTY PA GEN PURP | MISCELLANEOUS REVENUE | No Guarantee | Aa1 | 2,098,555 | 2,295,938 | |||||||
PENNSYLVANIA CONVENTION CTR AU | MISCELLANEOUS REVENUE | Aaa | Aaa | 4,120,590 | 4,381,847 | |||||||
WESTMORELAND CNTY PA MUN AUTH | WATER REVENUE | Aaa | Aaa | 3,241,350 | 3,846,750 | |||||||
Puerto Rico | $ | 2,433,738 | $ | 2,429,955 | ||||||||
PUERTO RICO COMWLTH HWY & TRAN | HIGHWAY REVENUE TOLLS | Aa2 | Baa1 | 119,226 | 120,931 | |||||||
PUERTO RICO COMWLTH INFRASTRUC | SALES TAX REVENUE | Baa1 | Baa1 | 658,257 | 639,000 | |||||||
PUERTO RICO ELEC PWR AUTH PWR | ELEC. PWR. & LT. REVS. | A1 | Baa1 | 163,301 | 166,992 | |||||||
PUERTO RICO ELEC PWR AUTH PWR | ELEC. PWR. & LT. REVS. | Baa1 | Baa1 | 956,954 | 967,563 | |||||||
PUERTO RICO ELEC PWR AUTH PWR | ELEC. PWR. & LT. REVS. | No Guarantee | Baa1 | 535,999 | 535,469 | |||||||
Rhode Island | $ | 4,316,999 | $ | 4,855,405 | ||||||||
RHODE ISLAND DEPOSITORS ECONOM | SALES TAX REVENUE | Aaa | Aaa | 4,316,999 | 4,855,405 | |||||||
South Carolina | $ | 33,884,665 | $ | 36,413,517 | ||||||||
CHARLESTON S C WTRWKS & SWR RE | WATER REVENUE | No Guarantee | Aa1 | 8,881,955 | 9,798,902 | |||||||
COLUMBIA S C WTRWKS & SWR SYS | WATER REVENUE | No Guarantee | Aa2 | 1,315,945 | 1,297,786 | |||||||
GREENVILLE CNTY S C SCH DIST I | LEASE REV. | Aa2 | Aa2 | 1,036,539 | 1,106,875 | |||||||
PIEDMONT MUN PWR AGY S C ELEC | ELEC. PWR. & LT. REVS. | Aaa | Aaa | 8,491,609 | 9,917,263 | |||||||
SOUTH CAROLINA ST HSG FIN & DE | LOCAL OR GTD HOUSING | No Guarantee | Aaa | 3,094,418 | 3,051,563 | |||||||
SOUTH CAROLINA TRANSN INFRASTR | TRANSIT REVENUE | A2 | A2 | 5,290,702 | 5,569,098 | |||||||
SPARTANBURG S C WTRWKS REV | WATER REVENUE | Aa2 | Aa3 | 1,061,215 | 1,132,344 | |||||||
WESTERN CAROLINA REGL SWR AUTH | SEWER REVENUE | Aa2 | Aa2 | 4,712,282 | 4,539,688 | |||||||
South Dakota | $ | 10,879,713 | $ | 11,652,539 | ||||||||
HEARTLAND CONSUMERS PWR DIST | ELEC. PWR. & LT. REVS. | No Guarantee | Aaa | 10,879,713 | 11,652,539 | |||||||
Tennessee | $ | 16,262,550 | $ | 16,499,571 | ||||||||
MET GOVT NASHVILLE & DAVIDSON | SEWER REVENUE | Aa2 | Aa3 | 15,710,721 | 15,942,021 | |||||||
MET GOVT NASHVILLE & DAVIDSON | WATER REVENUE | Aa3 | Aa3 | 551,829 | 557,550 | |||||||
Texas | $ | 79,158,697 | $ | 87,280,654 | ||||||||
AUSTIN TEX ELEC UTIL SYS REV | ELEC. PWR. & LT. REVS. | Aa2 | A1 | 2,600,358 | 2,838,672 | |||||||
AUSTIN TEX REV | MULTIPLE UTILITY REV. | A1 | A1 | 19,224,632 | 22,016,781 | |||||||
DALLAS TEX WTRWKS & SWR SYS RE | WATER REVENUE | Aa1 | Aa1 | 1,408,784 | 1,548,703 | |||||||
GARLAND TEX WTR & SWR REV | WATER REVENUE | Aa2 | Aa2 | 1,745,302 | 1,797,038 | |||||||
HOUSTON TEX WTR & SWR SYS REV | WATER REVENUE | Aa2 | Aa2 | 11,957,953 | 13,731,833 | |||||||
SAN ANTONIO TEX ARPT SYS REV | PRT, AIRPRT & MARINA REV. | Aa3 | A1 | 3,031,943 | 3,001,682 | |||||||
SAN ANTONIO TEX ELEC & GAS | ELEC. PWR. & LT. REVS. | No Guarantee | Aa1 | 4,881,915 | 5,150,018 | |||||||
SAN ANTONIO TEX ELEC & GAS | ELEC. PWR. & LT. REVS. | No Guarantee | Aa2 | 973,348 | 1,024,866 | |||||||
SAN ANTONIO TEX ELEC & GAS | ELEC. PWR. & LT. REVS. | No Guarantee | AA1 | 19,864 | 20,963 | |||||||
SAN ANTONIO TEX WTR REV | WATER REVENUE | Aa1 | Aa1 | 1,056,234 | 1,149,375 | |||||||
TEXAS MUN PWR AGY REV | ELEC. PWR. & LT. REVS. | A1 | A1 | 15,189,907 | 17,015,243 | |||||||
TEXAS MUN PWR AGY REV | ELEC. PWR. & LT. REVS. | A2 | A2 | 329,764 | 384,938 | |||||||
UNIVERSITY TEX PERM UNIV FD | COLLEGE & UNIV. REV. | No Guarantee | Aaa | 2,721,036 | 2,897,334 | |||||||
UNIVERSITY TEX UNIV REVS | COLLEGE & UNIV. REV. | No Guarantee | Aaa | 7,026,190 | 7,649,801 | |||||||
DUKE ENERGY CORP | INDUSTRIAL REVENUE | No Guarantee | Baa2 | 6,991,465 | 7,053,408 | |||||||
Utah | $ | 15,951,175 | $ | 16,458,203 | ||||||||
UTAH ST | LEASE(RENEWAL) | Aa1 | Aa1 | 5,186,288 | 5,698,438 | |||||||
UTAH TRAN AUTH SALES TAX REV | SALES TAX REVENUE | Aa1 | Aa1 | 1,069,258 | 1,145,469 | |||||||
UTAH TRAN AUTH SALES TAX REV | SALES TAX REVENUE | No Guarantee | Aa1 | 9,695,628 | 9,614,297 |
Exhibit I - Page 5 of 5
Virginia | $ | 57,911,123 | $ | 62,674,828 | ||||||||
CHESAPEAKE BAY BRDG & TUNL COM | HIGHWAY REVENUE TOLLS | A3 | A3 | 4,755,488 | 5,081,250 | |||||||
DANVILLE VA INDL DEV AUTH HOSP | HLTH, HOSP, NURSHOME REV. | Aaa | Aaa | 2,027,567 | 2,294,688 | |||||||
FAIRFAX CNTY VA WTR AUTH WTR R | WATER REVENUE | No Guarantee | Aaa | 3,603,663 | 3,400,313 | |||||||
HENRICO CNTY VA WTR & SWR REV | WATER REVENUE | No Guarantee | Aaa | 1,150,371 | 1,144,688 | |||||||
JAMES CITY CNTY VA ECON DEV AU | LEASE (APPROPRIATION) | Aa2 | Aa2 | 1,479,720 | 1,580,906 | |||||||
NORFOLK VA REDEV & HSG AUTH MU | LOCAL OR GTD HOUSING | Baa2 | No Underlying Rating | 786,854 | 777,312 | |||||||
RICHMOND VA MET AUTH EXPWY REV | HIGHWAY REVENUE TOLLS | A3 | A3 | 8,827,626 | 9,918,466 | |||||||
UPPER OCCOQUAN SEW AUTH VA REG | SEWER REVENUE | Aa1 | Aa1 | 11,066,984 | 12,165,007 | |||||||
VIRGINIA COLLEGE BLDG AUTH VA | COLLEGE & UNIV. REV. | Aa2 | Aa2 | 7,646,371 | 8,735,313 | |||||||
VIRGINIA COMWLTH TRANSN BRD TR | GENERAL FUND | Aa1 | Aa1 | 4,515,382 | 4,674,806 | |||||||
VIRGINIA COMWLTH TRANSN BRD TR | TRANSIT REVENUE | Aa1 | Aa1 | 1,058,568 | 1,151,406 | |||||||
VIRGINIA PORT AUTH PORT FAC RE | MISCELLANEOUS REVENUE | Aa3 | A1 | 1,586,919 | 1,657,080 | |||||||
VIRGINIA ST PUB BLDG AUTH PUB | MISCELLANEOUS REVENUE | No Guarantee | Aa1 | 5,197,028 | 5,701,563 | |||||||
VIRGINIA ST PUB SCH AUTH | MISCELLANEOUS REVENUE | No Guarantee | Aa1 | 2,183,073 | 2,326,250 | |||||||
VIRGINIA ST PUB SCH AUTH | MISCELLANEOUS REVENUE | No Guarantee | Aa1 | 2,025,509 | 2,065,781 | |||||||
Washington | $ | 50,407,378 | $ | 57,553,039 | ||||||||
CENTRAL PUGET SOUND WASH REGL | SALES TAX REVENUE | Aa1 | Aa1 | 27,752,533 | 32,675,434 | |||||||
CHELAN CNTY WASH PUB UTIL DIST | ELEC. PWR. & LT. REVS. | Aa2 | Aa2 | 7,472,994 | 8,102,891 | |||||||
CLARK CNTY WASH SWR REV | SEWER REVENUE | Aa2 | Aa2 | 1,012,696 | 1,137,781 | |||||||
PORT SEATTLE WASH PASSENGER FA | PRT, AIRPRT & MARINA REV. | A1 | A1 | 4,142,285 | 4,474,375 | |||||||
SEATTLE WASH WTR SYS REV | WATER REVENUE | Aa1 | Aa1 | 3,150,053 | 3,355,469 | |||||||
VANCOUVER WASH WTR & SWR REV | WATER REVENUE | Aa3 | Aa3 | 3,055,144 | 3,304,823 | |||||||
WASHINGTON ST PUB PWR SUPPLY | ELEC. PWR. & LT. REVS. | Aa1 | Aa1 | 3,821,671 | 4,502,266 | |||||||
Wisconsin | $ | 39,931,411 | $ | 43,606,349 | ||||||||
SOUTHEAST WIS PROFESSIONAL BAS | SALES TAX REVENUE | A1 | A1 | 10,090,580 | 11,067,188 | |||||||
WISCONSIN CTR DIST WIS TAX REV | MISCELLANEOUS TAXES | Aa2 | No Underlying Rating | 21,972,593 | 23,888,710 | |||||||
WISCONSIN ST CLEAN WTR REV | MISCELLANEOUS REVENUE | Aa1 | Aa1 | 4,233,638 | 4,543,080 | |||||||
WISCONSIN ST CLEAN WTR REV | SEWER REVENUE | No Guarantee | Aa1 | 1,655,733 | 1,803,621 | |||||||
WISCONSIN ST TRANSN REV | MISCELLANEOUS REVENUE | No Guarantee | Aa1 | 1,978,867 | 2,303,750 | |||||||
West Virginia | $ | 28,574,335 | $ | 30,022,305 | ||||||||
WEST VIRGINIA ST BLDG COMMN LE | LEASE (NON-TERMINABLE) | Baa2 | Baa2 | 7,182,772 | 7,304,063 | |||||||
WEST VIRGINIA ST PKWYS ECONOMI | HIGHWAY REVENUE TOLLS | Aa3 | Aa3 | 10,065,738 | 10,651,658 | |||||||
WEST VA ST SCH BLDG AUTH REV | MISCELLANEOUS REVENUE | Aa3 | Aa3 | 2,705,090 | 2,837,600 | |||||||
WEST VIRGINIA UNIV REVS | COLLEGE & UNIV. REV. | A1 | A1 | 8,620,735 | 9,228,984 | |||||||
Totals | $ | 1,175,035,782 | $ | 1,260,428,424 |