Voya 2013 Annual Report Download - page 211

The following tables summarize our exposure to Other ABS holdings, excluding subprime exposure, by
credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
% of Total Other ABS
NAIC Designation ARO Ratings Vintage
December 31, 2013
1 98.9% AAA 93.8% 2013 13.8%
2 0.9% AA 1.7% 2012 17.7%
3 — % A 3.4% 2011 8.9%
4 — % BBB 0.9% 2010 3.9%
5 — % BB and below 0.2% 2009 2.3%
6 0.2% 100.0% 2008 6.4%
100.0% 2007 and prior 47.0%
100.0%
December 31, 2012
1 97.7% AAA 91.9% 2012 24.6%
2 1.7% AA 0.9% 2011 14.9%
3 0.1% A 4.9% 2010 5.8%
4 — % BBB 1.7% 2009 2.1%
5 — % BB and below 0.6% 2008 5.9%
6 0.5% 100.0% 2007 18.4%
100.0% 2006 and prior 28.3%
100.0%
Troubled Debt Restructuring
Although our portfolio of commercial loans and private placements is high quality, a small number of these
contracts have been granted modifications, certain of which are considered to be troubled debt restructurings. As
of December 31, 2013, there were 21 troubled debt restructurings in the commercial loan portfolio with a
carrying value of $86.6 million, representing less than 1.0% of our total commercial mortgage loan portfolio.
Twenty of the commercial loan troubled debt restructurings consist of a portfolio of cross-defaulted, cross-
collateralized individual loans, which are owned by the same sponsor and are comprised of industrial properties.
See “Item 8. Note 2. Investments (excluding Consolidated Investment Entities)” for further information on
troubled debt restructuring.
As of December 31, 2013 and 2012, we did not have any commercial mortgage loans or private placements
modified in a troubled debt restructuring with a subsequent payment default.
Mortgage Loans on Real Estate
We rate all commercial mortgages to quantify the level of risk. We place those loans with higher risk on a
watch list and closely monitor these loans for collateral deficiency or other credit events that may lead to a
potential loss of principal and/or interest. If we determine the value of any mortgage loan to be OTTI (i.e., when
it is probable that we will be unable to collect on all amounts due according to the contractual terms of the loan
agreement), the carrying value of the mortgage loan is reduced to either the present value of expected cash flows
from the loan, discounted at the loan’s effective interest rate, or fair value of the collateral. For those mortgages
that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying
collateral, net of estimated costs to obtain and sell at the point of foreclosure. The carrying value of the impaired
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