127 ANNUAL REPORT 2010 and split by assets that are valued at fair value and assets  that are valued at amortized cost. Disclosure of ratings follows  a hierarchy of S&P, Moody’s, Fitch, internal and National  Association of Insurance Commissioners (NAIC). The ratings distribution of general account portfolios of  AEGON’s major country units, excluding reinsurance assets, are  presented in the table that follows, organized by rating category  1  Includes investments of Holding and other activities.  1  Includes investments of Holding and other activities. Credit rating  Credit rating general  account investments  excluding reinsurance  assets Americas The Netherlands United Kingdom New Markets Total 2010  1 Amort  cost Fair value Amort  cost Fair value Amort  cost Fair value Amort  cost Fair value Amort  cost Fair value Sovereign exposure – 4,554 92 9,339 – 1,635 – 56 92 15,584 AAA 666 13,893 289 2,633 – 355 – 186 955 17,361 AA 3,597 8,818 466 1,650 – 1,435 33 559 4,096 12,459 A 3,388 25,707 304 3,416 – 3,812 50 624 3,742 33,562 BBB 726 19,602 50 1,149 – 1,717 39 511 815 22,979 BB 396 2,576 38 228 – 162 33 16 467 2,982 B 7 1,284 11 50 – 27 6 4 24 1,365 CCC or lower 25 673 – 22 – – – 3 25 698 Assets not rated 2,180 4,075 14,126 5,137 9 61 478 83 16,793 9,585 Total 10,985 81,182 15,376 23,624 9 9,204 639 2,042 27,009 116,575 Past due and / or impaired  assets 427 1,309 254 343 – 56 153 – 834 1,708 AT DECEMBER 31 11,412 82,491 15,630 23,967 9 9,260 792 2,042 27,843 118,283 Credit rating general  account investments  excluding reinsurance  assets Americas The Netherlands United Kingdom New Markets Total 2009  1 Amort  cost Fair value Amort  cost Fair value Amort  cost Fair value Amort  cost Fair value Amort  cost Fair value Sovereign exposure – 4,719 240 8,851 – 610 – 291 240 15,519 AAA 742 14,937 276 3,674 – 349 – 151 1,018 19,733 AA 3,587 6,032 405 2,649 – 1,055 8 201 4,000 9,934 A 3,858 20,578 390 3,058 – 3,756 49 595 4,297 27,987 BBB 918 18,370 1 1,392 – 1,785 211 744 1,130 22,291 BB 234 2,769 37 471 – 183 21 12 292 3,435 B 104 1,168 14 200 – 24 10 3 128 1,395 CCC or lower 56 947 2 62 – 24 – 8 58 1,041 Assets not rated 2,066 3,944 11,365 3,707 11 53 241 44 13,683 8,005 Total 11,565 73,464 12,730 24,064 11 7,839 540 2,049 24,846 109,340 Past due and / or impaired  assets 413 715 245 286 – 67 135 5 793 1,073 AT DECEMBER 31 11,978 74,179 12,975 24,350 11 7,906 675 2,054 25,639 110,413 SHARPENING OUR FOCUS