181 Credit rating 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 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). Americas The Netherlands United Kingdom New Markets Total 2013  1) Credit rating  general account  investments,  excluding  reinsurance  assets 2013 Amor- tized  cost Fair  value Amor- tized  cost Fair  value Amor- tized  cost Fair  value Amor- tized  cost Fair  value Amor­ tized  cost Fair  value Total  carrying  value Sovereign  exposure - 5,943 173 11,142 - 2,640 - 225 173 19,950 20,123 AAA 919 6,673 506 1,289 - 248 - 147 1,425 8,461 9,886 AA 3,030 7,475 143 1,076 - 1,767 - 233 3,173 10,552 13,725 A 1,744 21,352 215 2,776 - 3,649 86 678 2,046 28,501 30,547 BBB 257 17,249 181 2,520 - 2,159 57 1,014 494 22,941 23,435 BB 198 1,755 3 203 - 183 4 398 205 2,539 2,744 B 11 1,160 4 70 - 11 5 23 20 1,264 1,284 CCC or lower - 797 - 19 - - 2 2 2 818 820 Assets not rated 1,954 4,092 22,845 12,386 1 70 194 140 24,993 17,026 42,019 Total 8,113 66,496 24,070 31,480 1 10,727 348 2,860 32,532 112,051 144,583 Past due and / or  impaired assets 79 1,497 638 160 - 26 160 28 877 1,711 2,588 At December 31 8,192 67,992 24,708 31,641 1 10,753 508 2,888 33,409 113,762 147,171 1  Includes investments of Holding and other activities Americas The Netherlands United Kingdom New Markets Total 2012  1) Credit rating  general account  investments,  excluding  reinsurance  assets 2012 Amor- tized  cost Fair value Amor- tized  cost Fair value Amor- tized  cost Fair value Amor- tized  cost Fair value Amor- tized  cost Fair value Total  carrying  value Sovereign  exposure - 6,551 26 11,503 - 2,730 - 79 26 20,863 20,889 AAA 879 7,878 478 985 - 198 - 150 1,357 9,970 11,327 AA 3,431 9,124 206 1,392 - 2,189 - 371 3,637 13,076 16,713 A 1,662 26,841 127 3,120 - 3,880 90 746 1,879 34,604 36,483 BBB 408 18,402 70 1,928 - 2,057 82 895 560 23,282 23,842 BB 232 2,145 11 173 - 160 6 427 249 2,905 3,154 B 9 1,318 4 131 - 27 2 33 15 1,509 1,524 CCC or lower 8 883 - 15 - 10 - 15 8 923 931 Assets not rated 2,109 4,257 20,766 18,726 5 64 209 132 23,089 23,566 46,655 Total 8,738 77,399 21,688 37,973 5 11,315 389 2,848 30,820 130,698 161,518 Past due and / or  impaired assets 172 1,506 557 266 - 30 162 8 891 1,810 2,701 At December 31 8,910 78,905 22,245 38,239 5 11,345 551 2,856 31,711 132,508 164,219 1  Includes investments of Holding and other activities