The following table sets forth the internal credit ratings assigned to our CDO exposures as of  December 31, 2012: AAA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BBB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BIG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1)  Represents our internal ratings estimates. Each rating within a letter category includes all rating grades within that letter  category (e.g., an “A” rating includes “A+,” “A” and “A-”). The credit performance of our corporate CDO portfolio continues to improve and we continue to have strong  subordination remaining in our corporate CDO transactions.  There was only one credit event in this portfolio in 2012.  The following table sets forth the credit ratings of the underlying collateral for our financial guaranty directly insured  corporate CDO portfolio as of  December 31, 2012: AAA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BBB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total investment grade collateral. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CCC and below. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Rated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Non-investment grade collateral. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1)  Represents the lower of the ratings of the underlying corporate entities as determined by Moody’ s Investor Service  (“Moody’s”) and Standard & Poor’s Financial Services LLC (“S&P”). Each rating within a letter category includes all  rating grades within that letter category (e.g., an “A” rating includes “A+” “A” and “A-”). 124 Notional Amount of Underlying Collateral % of Notional Amount of Underlying Collateral $ 0.3 0.3% 4.0 3.8 22.0 20.8 48.5 45.8 74.8 70.7 17.1 16.1 6.2 5.9 4.0 3.8 3.7 3.5 31.0 29.3 $ 105.8 100.0% As of December 31, 2012 # of CDO Contracts Net Par Outstanding % of CDO Net Par Outstanding (In billions) 51 $ 13.5 77.1% 5 0.9 5.1 9 0.8 4.6 10 1.5 8.6 8 0.8 4.6 83 $ 17.5 100.0% Internal Credit Rating (1) Credit Ratings (1) ($ in billions) ___________________ ___________________