 The following table shows the distribution of our international financial guaranty net par outstanding (including  sovereign debt), as of the dates indicated: December 31, 2012 2011 (In millions) Net Par Outstanding  Net Par Outstanding  Type of Obligation International Public Finance: Non-European International Public Finance . . . . . . . . . . . . . $ 1,386.9 $ 1,706.5 Europe (other than “Stressed European Countries” below). . 1,360.7 1,358.8 Stressed European Countries (1): Spain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.7 50.3 Italy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.9 30.9 Hungary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.5 24.8 Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1 7.7 Greece (2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 30.1 Ireland. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — Total Stressed European Countries. . . . . . . . . . . . . . . . . . 105.2 143.8 International Structured Finance (3). . . . . . . . . . . . . . . . . . . . 3,497.2 7,481.6 Total International Financial Guaranty Obligations (4). . . . . . $ 6,350.0 $ 10,690.7 (1)  Represents the six countries whose sovereign obligations have been under stress due to economic uncertainty , potential  restructuring and ratings downgrades.  As of December 31, 2012, all or substantially all of our exposure to Spain ($47.5  million) and Hungary ($22.5 million), the majority of our exposure to Italy ($20.5 million) and a significant portion of our  exposure to Portugal ($0.9 million) is sovereign indebtedness. (2)  During the third quarter of 2012, we settled our obligations related to our insured exposure to the sovereign indebtedness  of Greece for a claim payment of $23.5 million. (3)  Our net par outstanding in international structured finance represents the jurisdiction where the lar gest portion of the  underlying risk is located in the case of CDO transactions and the jurisdiction where the issuer of our insured obligation is  domiciled in the case of other structured finance obligations. (4)  As of December 31, 2012 and 2011, $171.8 million and $522.5 million, respectively, of our international public finance  net par outstanding is sovereign indebtedness.  4.  Largest Single Insured Risks The following table represents our 10 lar gest public finance single risks by net par outstanding (together representing  8.4% of financial guaranty’ s aggregate net par outstanding) as of  December 31, 2012 (and adjusted to give effect to the FGIC  Commutation in January 2013), along with the internal credit rating assigned as of that date to each credit: 34