Travelers 2012 Annual Report Download - page 115

The following table shows the geographic distribution of the $29.66 billion of municipal bonds at
December 31, 2012 that were not pre-refunded.
State Local Total Average
General General Carrying Credit
(at December 31, 2012, in millions) Obligation Obligation Revenue Value Quality(1)
State:
Texas ............................... $ 426 $ 2,572 $ 1,214 $ 4,212 Aaa/Aa1
California ............................ 46 1,775 411 2,232 Aa2
Washington ........................... 273 793 497 1,563 Aa1
Virginia ............................. 183 673 681 1,537 Aaa/Aa1
Illinois .............................. 161 866 463 1,490 Aa1
Minnesota ........................... 306 746 234 1,286 Aaa/Aa1
Florida .............................. 345 42 830 1,217 Aa1
Massachusetts ......................... 188 28 914 1,130 Aaa/Aa1
Arizona ............................. — 495 609 1,104 Aa1
North Carolina ........................ 239 606 205 1,050 Aaa
Colorado ............................ — 679 197 876 Aa1
Georgia ............................. 201 376 288 865 Aaa/Aa1
Maryland ............................ 299 380 151 830 Aaa/Aa1
All Others(2) ......................... 1,976 3,498 4,790 10,264 Aa1
Total .............................. $4,643 $13,529 $11,484 $29,656 Aa1
(1) Rated using external rating agencies or by the Company when a public rating does not exist.
Ratings shown are the higher of the rating of the underlying issuer or the insurer in the case of
securities enhanced by third-party insurance for the payment of principal and interest in the event
of issuer default.
(2) No other single state accounted for 2.5% or more of the total pre-refunded municipal bonds.
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