Page 65

Table F.

Illustrative Current Market Benchmark Spreads as of 09/30/2009 for Investment Grade Bonds

WAL

Investment Grade PBR credit rating and Moody's / S&P Ratings

(Weighted

1

2

3

4

5

6

7

8

9

10

Average Life)

Aaa/AAA

Aa1/AA+

Aa2/AA

Aa3/AA-

A1/A+

A2/A

A3/A-

Baa1/BBB+

Baa2/BBB

Baa3/BBB-

1

108.9

114.6

120.3

128.6

136.9

145.2

176.6

208.1

239.5

338.7

2

116.4

122.1

127.8

136.1

144.4

152.7

182.8

212.9

243.0

340.4

3

123.9

129.6

135.3

143.6

151.9

160.2

189.0

217.7

246.5

342.2

4

131.3

137.0

142.7

151.0

159.3

167.6

195.0

222.5

249.9

343.9

5

138.8

144.5

150.2

158.5

166.8

175.1

201.2

227.2

253.3

345.6

6

146.2

151.9

157.6

165.9

174.2

182.5

207.2

232.0

256.7

347.3

7

153.7

159.4

165.1

173.4

181.7

190.0

213.4

236.8

260.2

349.0

8

156.6

162.3

168.0

176.3

184.6

192.9

215.8

238.6

261.5

349.7

9

159.5

165.2

170.9

179.2

187.5

195.8

218.2

240.5

262.9

350.4

10

162.4

168.1

173.8

182.1

190.4

198.7

220.5

242.4

264.2

351.0

11

163.3

169.0

174.7

183.0

191.3

199.6

221.3

242.9

264.6

351.2

12

164.1

169.8

175.5

183.8

192.1

200.4

221.9

243.5

265.0

351.4

13

165.0

170.7

176.4

184.7

193.0

201.3

222.7

244.0

265.4

351.6

14

165.8

171.5

177.2

185.5

193.8

202.1

223.3

244.6

265.8

351.8

15

166.7

172.4

178.1

186.4

194.7

203.0

224.1

245.1

266.2

352.0

16

167.5

173.2

178.9

187.2

195.5

203.8

224.7

245.6

266.5

352.2

17

168.4

174.1

179.8

188.1

196.4

204.7

225.4

246.2

266.9

352.4

18

169.2

174.9

180.6

188.9

197.2

205.5

226.1

246.7

267.3

352.6

19

170.1

175.8

181.5

189.8

198.1

206.4

226.8

247.3

267.7

352.8

20

170.9

176.6

182.3

190.6

198.9

207.2

227.5

247.8

268.1

353.0

21

171.8

177.5

183.2

191.5

199.8

208.1

228.2

248.4

268.5

353.2

22

172.6

178.3

184.0

192.3

200.6

208.9

228.9

248.9

268.9

353.4

23

173.5

179.2

184.9

193.2

201.5

209.8

229.6

249.5

269.3

353.6

24

174.3

180.0

185.7

194.0

202.3

210.6

230.3

250.0

269.7

353.8

25

175.2

180.9

186.6

194.9

203.2

211.5

231.0

250.6

270.1

354.0

26

176.0

181.7

187.4

195.7

204.0

212.3

231.7

251.0

270.4

354.1

27

176.9

182.6

188.3

196.6

204.9

213.2

232.4

251.6

270.8

354.3

28

177.7

183.4

189.1

197.4

205.7

214.0

233.1

252.1

271.2

354.5

29

178.6

184.3

190.0

198.3

206.6

214.9

233.8

252.7

271.6

354.7

30

179.4

185.1

190.8

199.1

207.4

215.7

234.5

253.2

272.0

354.9

Š 2010 National Association of Insurance Commissioners

65

VM-20_APF_form_5-18-11  
VM-20_APF_form_5-18-11  

3. Show what changes are needed by providing a red-line version of the original verbiage with deletions and identify the verbiage to be dele...

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