Page 67

Table H.

Long-Term 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

60.3

68.3

76.3

83.4

90.5

97.6

125.0

152.5

179.9

252.0

2

66.0

74.0

82.0

89.3

96.6

103.9

130.3

156.6

183.0

253.5

3

71.7

79.7

87.7

95.2

102.7

110.2

135.5

160.8

186.1

255.1

4

77.4

85.4

93.4

101.1

108.7

116.4

140.7

164.9

189.2

256.6

5

83.1

91.1

99.1

107.0

114.8

122.7

145.9

169.1

192.3

258.2

6

88.8

96.8

104.8

112.8

120.9

128.9

151.0

173.2

195.3

259.7

7

94.5

102.5

110.5

118.7

127.0

135.2

156.3

177.3

198.4

261.2

8

96.7

104.7

112.7

121.0

129.4

137.7

158.3

179.0

199.6

261.8

9

99.0

107.0

115.0

123.4

131.7

140.1

160.3

180.6

200.8

262.4

10

101.2

109.2

117.2

125.7

134.1

142.6

162.4

182.2

202.0

263.0

11

101.9

109.9

117.9

126.4

134.8

143.3

163.0

182.7

202.4

263.2

12

102.5

110.5

118.5

127.0

135.5

144.0

163.6

183.1

202.7

263.4

13

103.2

111.2

119.2

127.7

136.2

144.7

164.2

183.6

203.1

263.6

14

103.8

111.8

119.8

128.4

136.9

145.5

164.8

184.1

203.4

263.7

15

104.5

112.5

120.5

129.1

137.6

146.2

165.4

184.6

203.8

263.9

16

105.1

113.1

121.1

129.7

138.3

146.9

166.0

185.0

204.1

264.1

17

105.8

113.8

121.8

130.4

139.0

147.6

166.6

185.5

204.5

264.3

18

106.4

114.4

122.4

131.0

139.7

148.3

167.1

186.0

204.8

264.4

19

107.1

115.1

123.1

131.7

140.4

149.0

167.7

186.5

205.2

264.6

20

107.7

115.7

123.7

132.4

141.1

149.8

168.4

187.0

205.6

264.8

21

108.4

116.4

124.4

133.1

141.8

150.5

169.0

187.4

205.9

265.0

22

109.0

117.0

125.0

133.7

142.5

151.2

169.6

187.9

206.3

265.2

23

109.7

117.7

125.7

134.4

143.2

151.9

170.1

188.4

206.6

265.3

24

110.3

118.3

126.3

135.1

143.8

152.6

170.7

188.9

207.0

265.5

25

111.0

119.0

127.0

135.8

144.5

153.3

171.3

189.3

207.3

265.7

26

111.6

119.6

127.6

136.4

145.2

154.0

171.9

189.8

207.7

265.9

27

112.3

120.3

128.3

137.1

146.0

154.8

172.5

190.3

208.0

266.0

28

112.9

120.9

128.9

137.8

146.6

155.5

173.1

190.8

208.4

266.2

29

113.6

121.6

129.6

138.5

147.3

156.2

173.7

191.2

208.7

266.4

30

114.2

122.2

130.2

139.1

148.0

156.9

174.3

191.7

209.1

266.6

Š 2010 National Association of Insurance Commissioners

67

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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