State Street Global Advisors (SSgA)*, the asset management business of State Street Corporation (NYSE: STT), today announced that 27 fixed income SPDR ® Exchange Traded Funds (ETFs) have received risk-based capital (RBC) designations from the Securities Valuation Office (SVO) of the National Association of Insurance Companies (NAIC).
The Securities Valuation Office of the National Association of Insurance Commissioners (NAIC) assigns credit quality designations to securities held by state-regulated insurance companies. NAIC Designations are opinions of credit quality that range from NAIC 1, being the highest quality, to NAIC 6, being the lowest quality. NAIC Designations allow fixed income ETFs to be reported as bonds and are used to set Risk Based Capital (RBC) requirements.
Twenty-one of the 27 fixed income SPDR ETFs that were evaluated received an NAIC 1 rating, two SPDR ETFs received an NAIC 2 designation, two SPDR ETFs received an NAIC 3 designation, and two high-yield bond SPDR ETFs received an NAIC 4 designation. With the addition of these 27 fixed income SPDR ETFs, the total number of NAIC rated ETFs is nearly doubled to include 63 funds.
“Insurance companies are steadily increasing their use of SPDR ETFs as awareness of their value proposition grows,” said James Ross, senior managing director and global head of SPDR Exchange Traded Funds at State Street Global Advisors. “The NAIC designations awarded to our fixed income SPDRs are instrumental to helping insurers manage their RBC capital requirements.”For a list of SPDR ETF NAIC designations, see attachment. State Street manages more than $300** billion in SPDR ETF assets worldwide (as of June 29, 2012) and is one of the largest ETF providers globally. About SPDR Exchange Traded Funds SPDR ETFs are a comprehensive family spanning an array of international and domestic asset classes. SPDR ETFs are managed by SSgA Funds Management, Inc., a registered investment adviser and wholly owned subsidiary of State Street Bank and Trust Company. The funds provide professional investors with the flexibility to select investments that are precisely aligned to their investment strategy. Recognized as the industry pioneer, State Street created the first ETF in 1993 (SPDR S&P 500 ® – Ticker SPY). Since then, we’ve sustained our place as an industry innovator through the introduction of many ground-breaking products, including first-to-market launches with gold, international real estate, international fixed income and sector ETFs. For more information, visit www.spdrs.com. About State Street Global Advisors State Street Global Advisors (SSgA) is a global leader in asset management. The firm is relied on by sophisticated investors worldwide for its disciplined investment process, powerful global investment platform and access to every major asset class, capitalization range and style. SSgA is the asset management business of State Street Corporation, one of the world’s leading providers of financial services to institutional investors.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV