The Firm’s wholesale businesses are exposed to credit risk through underwriting, lending and trading activities with and for clients and counterparties, as well as through various operating services such as cash management and clearing activities. A portion of the loans originated or acquired by the Firm’s wholesale businesses is generally retained on the balance sheet. The Firm distributes a significant percentage of the loans it originates into the market as part of its syndicated loan business and to manage portfolio concentrations and credit risk.
The wholesale credit environment remained favorable throughout 2014 driving an increase in client activity.
Growth in loans retained was driven primarily by activity in Commercial Banking, while growth in lending-related commitments reflected increased activity in both the Corporate & Investment Bank and Commercial Banking.
Discipline in underwriting across all areas of lending continues to remain a key point of focus, consistent with evolving market conditions and the Firm’s risk management activities. The wholesale portfolio is actively managed, in part by conducting ongoing, in-depth reviews of client credit quality and transaction structure, inclusive of collateral where applicable; and of industry, product and client concentrations. During the year, wholesale criticized assets decreased from 2013, including a reduction in nonaccrual loans by 40%.
Wholesale credit portfolio
December 31, Credit exposure Nonperforming(d)
(in millions) 2014 2013 2014 2013
Loans retained $324,502 $308,263 $ 599 $ 821
Loans held-for-sale 3,801 11,290 4 26
Loans at fair value 2,611 2,011 21 197
Loans – reported 330,914 321,564 624 1,044
Derivative receivables 78,975 65,759 275 415
Receivables from
customers and other(a) 28,972 26,744 — —
Total wholesale
credit-related assets 438,861 414,067 899 1,459
Lending-related
commitments(b) 472,056 446,232 103 206
Total wholesale credit
exposure $910,917 $860,299 $ 1,002 $ 1,665 Credit Portfolio
Management derivatives
notional, net(c) $ (26,703)$ (27,996) $ — $ (5) Liquid securities and
other cash collateral
held against derivatives (19,604) (14,435) NA NA (a) Receivables from customers and other include $28.8 billion and $26.5
billion of margin loans at December 31, 2014 and 2013, respectively, to prime and retail brokerage customers; these are classified in accrued interest and accounts receivable on the Consolidated balance sheets.
(b) Includes unused advised lines of credit of $105.2 billion and $102.0 billion as of December 31, 2014 and 2013, respectively. An advised line of credit is a revolving credit line which specifies the maximum amount the Firm may make available to an obligor, on a nonbinding basis. The borrower receives written or oral advice of this facility. The Firm may cancel this facility at any time by providing the borrower notice or, in some cases, without notice as permitted by law.
(c) Represents the net notional amount of protection purchased and sold through credit derivatives used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. For additional information, see Credit derivatives on page 127, and Note 6.
(d) Excludes assets acquired in loan satisfactions.
JPMorgan Chase & Co./2014 Annual Report 121
The following tables present the maturity and ratings profiles of the wholesale credit portfolio as of December 31, 2014 and 2013. The ratings scale is based on the Firm’s internal risk ratings, which generally correspond to the ratings as defined by S&P and Moody’s.
Wholesale credit exposure – maturity and ratings profile
Maturity profile(e) Ratings profile
December 31, 2014
Due in 1 year or less
Due after 1 year through 5
years Due after 5
years Total
Investment-grade
Noninvestment -grade
Total Total % of IG
(in millions, except ratios) AAA/Aaa to
BBB-/Baa3 BB+/Ba1 &
below
Loans retained $ 112,411 $ 134,277 $ 77,814 $ 324,502 $ 241,666 $ 82,836 $ 324,502 74%
Derivative receivables 78,975 78,975
Less: Liquid securities and other cash collateral
held against derivatives (19,604) (19,604)
Total derivative receivables, net of all collateral 20,032 16,130 23,209 59,371 52,150 7,221 59,371 88
Lending-related commitments 185,451 276,793 9,812 472,056 379,214 92,842 472,056 80
Subtotal 317,894 427,200 110,835 855,929 673,030 182,899 855,929 79
Loans held-for-sale and loans at fair value(a) 6,412 6,412
Receivables from customers and other 28,972 28,972
Total exposure – net of liquid securities and
other cash collateral held against derivatives $ 891,313 $ 891,313
Credit Portfolio Management derivatives net
notional by reference entity ratings profile(b)(c)(d) $ (2,050) $ (18,653) $ (6,000) $ (26,703) $ (23,571) $ (3,132) $ (26,703) 88%
Maturity profile(e) Ratings profile
December 31, 2013
Due in 1 year or less
Due after 1 year through 5
years Due after 5
years Total
Investment-grade
Noninvestment-grade
Total Total % of IG
(in millions, except ratios) AAA/Aaa to
BBB-/Baa3 BB+/Ba1 &
below
Loans retained $ 108,392 $ 124,111 $ 75,760 $ 308,263 $ 226,070 $ 82,193 $ 308,263 73%
Derivative receivables 65,759 65,759
Less: Liquid securities and other cash collateral
held against derivatives (14,435) (14,435)
Total derivative receivables, net of all collateral 13,550 15,935 21,839 51,324 41,104 (f) 10,220 (f) 51,324 80
Lending-related commitments 179,301 255,426 11,505 446,232 353,974 92,258 446,232 79
Subtotal 301,243 395,472 109,104 805,819 621,148 184,671 805,819 77
Loans held-for-sale and loans at fair value(a) 13,301 13,301
Receivables from customers and other 26,744 26,744
Total exposure – net of liquid securities and
other cash collateral held against derivatives $ 845,864 $ 845,864
Credit Portfolio Management derivatives net
notional by reference entity ratings profile(b)(c)(d) $ (1,149) $ (19,516) $ (7,331) $ (27,996) $ (24,649) $ (3,347) $ (27,996) 88%
(a) Represents loans held-for-sale, primarily related to syndicated loans and loans transferred from the retained portfolio, and loans at fair value.
(b) These derivatives do not quality for hedge accounting under U.S. GAAP.
(c) The notional amounts are presented on a net basis by underlying reference entity and the ratings profile shown is based on the ratings of the reference entity on which protection has been purchased.
(d) Predominantly all of the credit derivatives entered into by the Firm where it has purchased protection, including Credit Portfolio Management derivatives, are executed with investment grade counterparties.
(e) The maturity profile of retained loans, lending-related commitments and derivative receivables is based on remaining contractual maturity. Derivative contracts that are in a receivable position at December 31, 2014, may become a payable prior to maturity based on their cash flow profile or changes in market conditions.
(f) The prior period amounts have been revised to conform with the current period presentation.
Wholesale credit exposure – selected industry exposures The Firm focuses on the management and diversification of its industry exposures, paying particular attention to industries with actual or potential credit concerns.
Exposures deemed criticized align with the U.S. banking regulators’ definition of criticized exposures, which consist of the special mention, substandard and doubtful
categories. The total criticized component of the portfolio, excluding loans held-for-sale and loans at fair value, decreased by 16% to $10.2 billion at December 31, 2014, from $12.2 billion at December 31, 2013.
Management’s discussion and analysis
122 JPMorgan Chase & Co./2014 Annual Report
Below are summaries of the top 25 industry exposures as of December 31, 2014 and 2013. For additional information on industry concentrations, see Note 5.
Selected metrics
30 days or more past due and accruing loans
Net charge-offs/
(recoveries)
Credit derivative
hedges(e)
Liquid securities and other cash collateral held against
derivative receivables Noninvestment-grade
Credit exposure(d)
Investment-
grade Noncriticized
Criticized performing
Criticized nonperforming As of or for the year ended December
31, 2014 (in millions) Top 25 industries(a)
Real Estate $ 107,386 $ 80,219 $ 25,558 $ 1,356 $ 253 $ 309 $ (9) $ (36) $ (27)
Banks & Finance Cos 68,203 58,360 9,266 508 69 46 (4) (1,232) (9,369)
Healthcare 57,707 49,361 7,816 488 42 193 17 (94) (244)
Oil & Gas 48,315 33,547 14,685 82 1 15 2 (144) (161)
Consumer Products 37,818 26,070 11,081 650 17 21 — (20) (2)
Asset Managers 36,374 31,880 4,436 57 1 38 (12) (9) (4,545)
State & Municipal Govt(b) 31,858 30,919 837 102 — 69 24 (148) (130)
Retail & Consumer Services 28,258 18,233 9,023 971 31 56 4 (47) (1)
Utilities 28,060 24,058 3,747 255 — 198 (3) (155) (193)
Central Govt 21,081 20,868 155 58 — — — (11,297) (1,071)
Technology 20,977 13,759 6,557 641 20 24 (3) (225) —
Machinery & Equipment Mfg 20,573 12,094 8,229 250 — 5 (2) (157) (19)
Transportation 16,365 11,444 4,835 86 — 5 (3) (34) (107)
Business Services 16,201 8,450 7,512 224 15 10 5 (9) —
Metals/Mining 15,911 8,845 6,562 504 — — 18 (377) (19)
Media 14,534 9,131 5,107 266 30 1 (1) (69) (6)
Building Materials/Construction 13,672 6,721 6,271 674 6 12 2 (104) —
Insurance 13,637 10,790 2,605 80 162 — — (52) (2,372)
Automotive 13,586 8,647 4,778 161 — 1 (1) (140) —
Chemicals/Plastics 13,545 9,800 3,716 29 — 1 (2) (14) —
Telecom Services 13,136 8,277 4,303 546 10 — (2) (813) (6)
Securities Firms & Exchanges 8,936 6,198 2,726 10 2 20 4 (102) (216)
Agriculture/Paper Mfg 7,242 4,890 2,224 122 6 36 (1) (4) (4)
Aerospace/Defense 6,070 5,088 958 24 — — — (71) —
Leisure 5,562 2,937 2,023 478 124 6 — (5) (23)
All other(c) 210,526 190,135 19,581 622 188 1,235 (21) (11,345) (1,089)
Subtotal $ 875,533 $ 690,721 $ 174,591 $ 9,244 $ 977 $ 2,301 $ 12 $ (26,703) $ (19,604)
Loans held-for-sale and loans at fair
value 6,412
Receivables from customers and other 28,972
Total $ 910,917
JPMorgan Chase & Co./2014 Annual Report 123 Selected metrics
30 days or more past due and accruing loans
Net charge-offs/
(recoveries)
Credit derivative
hedges(e)
Liquid securities and other cash collateral held against
derivative receivables Noninvestment-grade
Credit exposure(d)
Investment-
grade Noncriticized
Criticized performing
Criticized nonperforming As of or for the year ended
December 31, 2013 (in millions) Top 25 industries(a)
Real Estate $ 87,102 $ 62,964 $ 21,505 $ 2,286 $ 347 $ 178 $ 6 $ (66) $ (125)
Banks & Finance Cos 66,881 56,675 9,707 431 68 14 (22) (2,692) (6,227)
Healthcare 45,910 37,635 7,952 317 6 49 3 (198) (195)
Oil & Gas 46,934 34,708 11,779 436 11 34 13 (227) (67)
Consumer Products 34,145 21,100 12,505 537 3 4 11 (149) (1)
Asset Managers 33,506 26,991 6,477 38 — 217 (7) (5) (3,191)
State & Municipal Govt(b) 35,666 34,563 826 157 120 40 1 (161) (144)
Retail & Consumer Services 25,068 16,101 8,453 492 22 6 — (91) —
Utilities 28,983 25,521 3,045 411 6 2 28 (445) (306)
Central Govt 21,049 20,633 345 71 — — — (10,088) (1,541)
Technology 21,403 13,787 6,771 825 20 — — (512) —
Machinery & Equipment Mfg 19,078 11,154 7,549 368 7 20 (18) (257) (8)
Transportation 13,975 9,683 4,165 100 27 10 8 (68) —
Business Services 14,601 7,838 6,447 286 30 9 10 (10) (2)
Metals/Mining 17,434 9,266 7,508 594 66 1 16 (621) (36)
Media 13,858 7,783 5,658 315 102 6 36 (26) (5)
Building Materials/Construction 12,901 5,701 6,354 839 7 15 3 (132) —
Insurance 13,761 10,681 2,757 84 239 — (2) (98) (1,935)
Automotive 12,532 7,881 4,490 159 2 3 (3) (472) —
Chemicals/Plastics 10,637 7,189 3,211 222 15 — — (13) (83)
Telecom Services 13,906 9,130 4,284 482 10 — 7 (272) (8)
Securities Firms & Exchanges 10,035 4,208 (f) 5,806 (f) 14 7 1 (68) (4,169) (175)
Agriculture/Paper Mfg 7,387 4,238 3,064 82 3 31 — (4) (4)
Aerospace/Defense 6,873 5,447 1,426 — — — — (142) (1)
Leisure 5,331 2,950 1,797 495 89 5 — (10) (14)
All other(c) 201,298 180,460 19,911 692 235 1,249 (6) (7,068) (367)
Subtotal $ 820,254 $ 634,287 $ 173,792 $ 10,733 $ 1,442 $ 1,894 $ 16 $ (27,996) $ (14,435)
Loans held-for-sale and loans at fair
value 13,301
Receivables from customers and other 26,744
Total $ 860,299
(a) The industry rankings presented in the table as of December 31, 2013, are based on the industry rankings of the corresponding exposures at December 31, 2014, not actual rankings of such exposures at December 31, 2013.
(b) In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at December 31, 2014 and 2013, noted above, the Firm held: $10.6 billion and $7.9 billion, respectively, of trading securities; $30.1 billion and $29.5 billion, respectively, of AFS securities; and $10.2 billion and $920 million, respectively, of HTM securities, issued by U.S. state and municipal governments. For further information, see Note 3 and Note 12.
(c) All other includes: individuals, private education and civic organizations; SPEs; and holding companies, representing approximately 68%, 21% and 5%, respectively, at December 31, 2014, and 64%, 22% and 5%, respectively, at December 31, 2013.
(d) Credit exposure is net of risk participations and excludes the benefit of “Credit Portfolio Management derivatives net notional” held against derivative receivables or loans and “Liquid securities and other cash collateral held against derivative receivables”.
(e) Represents the net notional amounts of protection purchased and sold through credit derivatives used to manage the credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. The all other category includes purchased credit protection on certain credit indices.
(f) The prior period amounts have been revised to conform with the current period presentation.
Management’s discussion and analysis
124 JPMorgan Chase & Co./2014 Annual Report
Presented below is a discussion of several industries to which the Firm has significant exposure and/or present actual or potential credit concerns. The Firm is actively monitoring these exposures. For additional information, refer to the tables on the previous pages.
• Real Estate: Exposure to this industry increased by
$20.3 billion or 23%, in 2014 to $107.4 billion. The increase was largely driven by growth in multifamily exposure in the CB. The credit quality of this industry improved as the investment-grade portion of the exposures to this industry increased to 75% in 2014 from 72% in 2013. The ratio of nonaccrual retained loans to total retained loans decreased to 0.32% at December 31, 2014 from 0.50% at December 31, 2013. For further information on commercial real estate loans, see Note 14.
• Oil & Gas: Exposure to this industry increased by $1.4 billion in 2014 to $48.3 billion, of which $15.6 billion was drawn at year-end. The portfolio largely consisted of exposure in North America, and was concentrated in the Exploration and Production subsector. The Oil & Gas portfolio was comprised of 69% investment-grade exposure, and was approximately 5% of the Firm’s total wholesale credit exposure as of December 31, 2014.
Loans
In the normal course of its wholesale business, the Firm provides loans to a variety of customers, ranging from large corporate and institutional clients to high-net-worth individuals. For further discussion on loans, including information on credit quality indicators, see Note 14.
The Firm actively manages its wholesale credit exposure.
One way of managing credit risk is through secondary market sales of loans and lending-related commitments.
During the years ended December 31, 2014 and 2013, the Firm sold $22.8 billion and $16.3 billion, respectively, of loans and lending-related commitments.
The following table presents the change in the nonaccrual loan portfolio for the years ended December 31, 2014 and 2013.
Wholesale nonaccrual loan activity
Year ended December 31, (in millions) 2014 2013
Beginning balance $ 1,044 $ 1,717
Additions 882 1,293
Reductions:
Paydowns and other 756 1,075
Gross charge-offs 148 241
Returned to performing status 303 279
Sales 95 371
Total reductions 1,302 1,966
Net reductions (420) (673)
Ending balance $ 624 $ 1,044
The following table presents net charge-offs, which are defined as gross charge-offs less recoveries, for the years ended December 31, 2014 and 2013. The amounts in the table below do not include gains or losses from sales of nonaccrual loans.
Wholesale net charge-offs
Year ended December 31,
(in millions, except ratios) 2014 2013
Loans – reported
Average loans retained $ 316,060 $ 307,340
Gross charge-offs 151 241
Gross recoveries (139) (225)
Net charge-offs 12 16
Net charge-off rate —% 0.01%
Receivables from customers
Receivables from customers primarily represent margin loans to prime and retail brokerage clients that are collateralized through a pledge of assets maintained in clients’ brokerage accounts that are subject to daily minimum collateral requirements. In the event that the collateral value decreases, a maintenance margin call is made to the client to provide additional collateral into the account. If additional collateral is not provided by the client, the client’s position may be liquidated by the Firm to meet the minimum collateral requirements.
JPMorgan Chase & Co./2014 Annual Report 125
Lending-related commitments
The Firm uses lending-related financial instruments, such as commitments (including revolving credit facilities) and guarantees, to meet the financing needs of its customers.
The contractual amounts of these financial instruments represent the maximum possible credit risk should the counterparties draw down on these commitments or the Firm fulfills its obligations under these guarantees, and the counterparties subsequently fail to perform according to the terms of these contracts.
In the Firm’s view, the total contractual amount of these wholesale lending-related commitments is not
representative of the Firm’s actual future credit exposure or funding requirements. In determining the amount of credit risk exposure the Firm has to wholesale lending-related commitments, which is used as the basis for allocating credit risk capital to these commitments, the Firm has established a “loan-equivalent” amount for each commitment; this amount represents the portion of the unused commitment or other contingent exposure that is expected, based on average portfolio historical experience, to become drawn upon in an event of a default by an obligor. The loan-equivalent amount of the Firm’s lending-related commitments was $229.6 billion and $218.9 billion as of December 31, 2014 and 2013, respectively.
Clearing services
The Firm provides clearing services for clients entering into securities and derivative transactions. Through the
provision of these services the Firm is exposed to the risk of non-performance by its clients and may be required to share in losses incurred by central counterparties (“CCPs”).
Where possible, the Firm seeks to mitigate its credit risk to its clients through the collection of adequate margin at inception and throughout the life of the transactions and can also cease provision of clearing services if clients do not adhere to their obligations under the clearing agreement.
For further discussion of Clearing services, see Note 29.
Derivative contracts
In the normal course of business, the Firm uses derivative instruments predominantly for market-making activities.
Derivatives enable customers to manage exposures to fluctuations in interest rates, currencies and other markets.
The Firm also uses derivative instruments to manage its own credit exposure. The nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the Firm is exposed. For OTC derivatives the Firm is exposed to the credit risk of the derivative
counterparty. For exchange-traded derivatives (“ETD”) such as futures and options, and “cleared” over-the-counter (“OTC-cleared”) derivatives, the Firm is generally exposed to the credit risk of the relevant CCP. Where possible, the Firm seeks to mitigate its credit risk exposures arising from derivative transactions through the use of legally
enforceable master netting arrangements and collateral agreements. For further discussion of derivative contracts, counterparties and settlement types, see Note 6.
The following table summarizes the net derivative receivables for the periods presented.
Derivative receivables
December 31, (in millions) 2014 2013
Interest rate $ 33,725 $ 25,782
Credit derivatives 1,838 1,516
Foreign exchange 21,253 16,790
Equity 8,177 12,227
Commodity 13,982 9,444
Total, net of cash collateral 78,975 65,759 Liquid securities and other cash collateral
held against derivative receivables (19,604) (14,435) Total, net of all collateral $ 59,371 $ 51,324
Derivative receivables reported on the Consolidated balance sheets were $79.0 billion and $65.8 billion at
December 31, 2014 and 2013, respectively. These amounts represent the fair value of the derivative contracts, after giving effect to legally enforceable master netting
agreements and cash collateral held by the Firm. However, in management’s view, the appropriate measure of current credit risk should also take into consideration additional liquid securities (primarily U.S. government and agency securities and other G7 government bonds) and other cash collateral held by the Firm aggregating $19.6 billion and
$14.4 billion at December 31, 2014 and 2013, respectively, that may be used as security when the fair value of the client’s exposure is in the Firm’s favor.
In addition to the collateral described in the preceding paragraph, the Firm also holds additional collateral (primarily: cash; G7 government securities; other liquid government-agency and guaranteed securities; and corporate debt and equity securities) delivered by clients at the initiation of transactions, as well as collateral related to contracts that have a non-daily call frequency and collateral that the Firm has agreed to return but has not yet settled as of the reporting date. Although this collateral does not reduce the balances and is not included in the table above, it is available as security against potential exposure that could arise should the fair value of the client’s derivative transactions move in the Firm’s favor. As of December 31, 2014 and 2013, the Firm held $48.6 billion and $50.8 billion, respectively, of this additional collateral. The prior period amount has been revised to conform with the current period presentation. The derivative receivables fair value, net of all collateral, also does not include other credit enhancements, such as letters of credit. For additional information on the Firm’s use of collateral agreements, see Note 6.
Management’s discussion and analysis
126 JPMorgan Chase & Co./2014 Annual Report
While useful as a current view of credit exposure, the net fair value of the derivative receivables does not capture the potential future variability of that credit exposure. To capture the potential future variability of credit exposure, the Firm calculates, on a client-by-client basis, three measures of potential derivatives-related credit loss: Peak, Derivative Risk Equivalent (“DRE”), and Average exposure (“AVG”). These measures all incorporate netting and collateral benefits, where applicable.
Peak exposure to a counterparty is an extreme measure of exposure calculated at a 97.5% confidence level. DRE exposure is a measure that expresses the risk of derivative exposure on a basis intended to be equivalent to the risk of loan exposures. The measurement is done by equating the unexpected loss in a derivative counterparty exposure (which takes into consideration both the loss volatility and the credit rating of the counterparty) with the unexpected loss in a loan exposure (which takes into consideration only the credit rating of the counterparty). DRE is a less extreme measure of potential credit loss than Peak and is the primary measure used by the Firm for credit approval of derivative transactions.
Finally, AVG is a measure of the expected fair value of the Firm’s derivative receivables at future time periods, including the benefit of collateral. AVG exposure over the total life of the derivative contract is used as the primary metric for pricing purposes and is used to calculate credit capital and the CVA, as further described below. The three year AVG exposure was $37.5 billion and $35.4 billion at December 31, 2014 and 2013, respectively, compared with derivative receivables, net of all collateral, of $59.4 billion and $51.3 billion at December 31, 2014 and 2013, respectively.
The fair value of the Firm’s derivative receivables incorporates an adjustment, the CVA, to reflect the credit quality of counterparties. The CVA is based on the Firm’s AVG to a counterparty and the counterparty’s credit spread in the credit derivatives market. The primary components of changes in CVA are credit spreads, new deal activity or unwinds, and changes in the underlying market environment. The Firm believes that active risk
management is essential to controlling the dynamic credit risk in the derivatives portfolio. In addition, the Firm’s risk management process takes into consideration the potential impact of wrong-way risk, which is broadly defined as the potential for increased correlation between the Firm’s exposure to a counterparty (AVG) and the counterparty’s credit quality. Many factors may influence the nature and magnitude of these correlations over time. To the extent that these correlations are identified, the Firm may adjust the CVA associated with that counterparty’s AVG. The Firm risk manages exposure to changes in CVA by entering into credit derivative transactions, as well as interest rate, foreign exchange, equity and commodity derivative transactions.
The accompanying graph shows exposure profiles to the Firm’s current derivatives portfolio over the next 10 years as calculated by the DRE and AVG metrics. The two measures generally show that exposure will decline after the first year, if no new trades are added to the portfolio.
The following table summarizes the ratings profile by derivative counterparty of the Firm’s derivative receivables, including credit derivatives, net of other liquid securities collateral, for the dates indicated. The ratings scale is based on the Firm’s internal ratings, which generally correspond to the ratings as defined by S&P and Moody’s.
Ratings profile of derivative receivables
Rating equivalent 2014 2013(a)
December 31,
(in millions, except ratios)
Exposure net of all collateral
% of exposure net of all collateral
Exposure net of all collateral
% of exposure net of all collateral
AAA/Aaa to AA-/Aa3 $ 19,202 32% $ 12,953 25%
A+/A1 to A-/A3 13,940 24 12,930 25
BBB+/Baa1 to BBB-/Baa3 19,008 32 15,220 30
BB+/Ba1 to B-/B3 6,384 11 6,806 13
CCC+/Caa1 and below 837 1 3,415 7
Total $ 59,371 100% $ 51,324 100%
(a) The prior period amounts have been revised to conform with the current period presentation.