Travelers 2014 Annual Report Download - page 111
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Table of Contents
The following table shows the geographic distribution of the $26.01 billion of municipal bonds at December 31, 2014 that were not pre
-
refunded.
110
(at December 31, 2014, in millions)
State
General
Obligation
Local
General
Obligation
Revenue
Total
Carrying
Value
Average
Credit
Quality(1)
State:
Texas
$
210
$
2,472
$
1,166
$
3,848
Aaa/Aa1
Washington
168
920
620
1,708
Aa1
Virginia
126
670
895
1,691
Aaa/Aa1
California
43
1,142
453
1,638
Aa1
Minnesota
171
850
130
1,151
Aaa/Aa1
Illinois
147
668
279
1,094
Aa2
North Carolina
81
731
272
1,084
Aaa
Massachusetts
90
30
956
1,076
Aaa/Aa1
Maryland
162
512
220
894
Aaa/Aa1
Florida
172
51
570
793
Aa1
Arizona
—
417
374
791
Aa1
Colorado
—
521
243
764
Aa1
Georgia
112
314
317
743
Aaa/Aa1
All others(2)(3)
1,121
3,707
3,909
8,737
Aa1
Total
$
2,603
$
13,005
$
10,404
$
26,012
Aaa/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 non
-
pre
-
refunded municipal bonds.
(3)
The Company owns $1 million of non
-
pre
-
refunded bonds issued by Puerto Rico, which have an average credit quality rating
of "B2." The Company does not own any municipal securities issued by the city of Detroit, MI.