ADP 2010 Annual Report Download - page 62

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Fannie Mae with fair values of $1,906.4 million, $1,463.6 million and $1,352.5 million, respectively. U.S. Treasury and direct obligations
of U.S. government agencies represent senior, unsecured, non
-
callable debt that primarily carries a credit rating of AAA, as rated by
Moody
’
s and Standard and Poor
’
s and has maturities ranging from July 2010 through May 2020.
At June 30, 2010, asset
-
backed securities include AAA rated senior tranches of securities with predominately prime collateral of fixed
rate credit card, rate reduction and auto loan receivables with fair values of $548.6 million, $307.8 million and $112.4 million,
respectively. At June 30, 2009, asset
-
backed securities include senior tranches of securities with predominately prime collateral of
fixed rate credit card, rate reduction, auto loan, student loan and equipment lease receivables with fair values of $808.4 million, $384.2
million, $244.9 million, $49.8 million and $34.4 million, respectively. These securities are collateralized by the cash flows of the
underlying pools of receivables. The primary risk associated with these securities is the collection risk of the underlying receivables.
All collateral on such asset
-
backed securities has performed as expected through June 30, 2010.
47