Page 70

Table K.

Conversion from NAIC ARO Ratings and NAIC Designations to PBR Numeric Rating

Moody's Rating

Aaa

Aa1

Aa2

Aa3

A1

A2

A3

Baa1

Baa2

Baa3

S&P Rating

AAA

AA+

AA

AA-

A+

A

A-

BBB+

BBB

BBB-

Fitch Rating

AAA

AA+

AA

AA-

A+

A

A-

BBB+

BBB

BBB-

DBRS Rating

AAA

AA high

AA

AA low

A high

A

A low

BBB high

BBB

BBB low

RealPoint Rating

AAA

AA+

AA

AA-

A+

A

A-

BBB+

BBB

BBB-

AM Best Rating

aaa

aa+

aa

aa-

a+

a

a-

bbb+

bbb

bbb-

NAIC Designation

1

1

1

1

1

1

1

2

2

2

Numeric Rating

1

2

3

4

5

6

7

8

9

10

Moody's Rating

Ba1

Ba2

Ba3

B1

B2

B3

Caa1

Caa2

Caa3

Ca

S&P Rating

BB+

BB

BB-

B+

B

B-

CCC+

CCC

CCC-

CC

Fitch Rating

BB+

BB

BB-

B+

B

B-

CCC+

CCC

CCC-

CC

DBRS Rating

BB high

BB

BB low

B high

B

B low

CCC high

CCC

CCC low

CC

RealPoint Rating

BB+

BB

BB-

B+

B

B-

CCC+

CCC

CCC-

D

AM Best Rating

bb+

bb

bb-

b+

b

b-

ccc+

ccc

ccc-

cc

NAIC Designation

3

3

3

4

4

4

5

5

5

6

Numeric Rating

11

12

13

14

15

16

17

18

19

20

Š 2010 National Association of Insurance Commissioners

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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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