91 prudence with offering an attractive return to shareholders.  This is particularly important during adverse economic and/or  financial market conditions. Also, Aegon’s operating subsidiaries  are subject to local insurance regulations which could restrict  dividends to be paid to the holding company. There is no  requirement or assurance that Aegon will declare and pay  any dividends. Aegon's objective is to maintain excess capital over and above  the amount required to maintain an AA financial strength rating  and this plays an important role in determining the overall  capital management strategy. Aegon maintains strong financial  strength ratings from leading international rating agencies for its  operating subsidiaries and a strong credit rating for the holding. Ratings Agency December 31, 2013 Aegon N.V. Aegon USA Aegon  The Netherlands Aegon UK Standard & Poor's A- AA- AA- A+ Moody's Investors Service A3 A1 - - Fitch Ratings A AA- - -