Travelers 2015 Annual Report Download - page 108

The following table shows the geographic distribution of the $25.35 billion of municipal bonds at
December 31, 2015 that were not pre-refunded.
State Local Total Average
General General Carrying Credit
(at December 31, 2015, in millions) Obligation Obligation Revenue Value Quality(1)
State:
Texas ................................ $ 139 $ 2,519 $1,077 $ 3,735 Aaa/Aa1
Virginia .............................. 120 789 914 1,823 Aaa/Aa1
Washington ........................... 119 1,029 568 1,716 Aa1
California ............................ 41 790 458 1,289 Aa1
Minnesota ............................ 151 871 98 1,120 Aaa/Aa1
North Carolina ......................... 78 660 297 1,035 Aaa/Aa1
Massachusetts ......................... 45 45 858 948 Aaa/Aa1
Maryland ............................. 129 535 204 868 Aaa/Aa1
Illinois ............................... 49 525 259 833 Aa1
Colorado ............................. — 567 233 800 Aa1
Georgia .............................. 133 475 144 752 Aaa/Aa1
Arizona .............................. — 410 329 739 Aa1
Wisconsin ............................ 175 297 243 715 Aa1
South Carolina ......................... 36 476 166 678 Aa1
New Jersey ........................... — 266 375 641 Aaa
Oregon .............................. 189 225 220 634 Aa1
All others(2)(3) ........................ 669 2,839 3,517 7,025 Aaa/Aa1
Total .............................. $2,073 $13,318 $9,960 $25,351 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 does not own any municipal securities issued by the city of Detroit, MI.
The following table displays the funding sources for the $9.96 billion of municipal bonds identified
as revenue bonds in the foregoing table at December 31, 2015.
Carrying Average Credit
(at December 31, 2015, in millions) Value Quality(1)
Source:
Water and sewer ............................... $3,722 Aaa/Aa1
Higher education .............................. 2,370 Aaa/Aa1
Power and utilities ............................. 1,001 Aa2
Transportation ................................ 928 Aa1
Special tax ................................... 670 Aa1
Lease ....................................... 115 Aa3
Housing ..................................... 101 Aaa/Aa1
Healthcare ................................... 39 Aa2
Property tax .................................. 12 Aa2
Other revenue sources ........................... 1,002 Aaa/Aa1
Total ...................................... $9,960 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.
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