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COMPREHENSIVE ANNUAL FINANCIAL REPORT
ESCAMBIA COUNTY, FLORIDA 
NOTES TO COMBINED FINANCIAL STATEMENTS (CONTINUED) 
SEPTEMBER 30, 2011 
50 
The County has no securities with embedded options consisting of the option at the discretion of the issuer to call 
their obligation or pay a stated increase in the interest rate.   
The County has no Federal Instrumentalities Mortgage pass‐through securities. 
Credit Risk 
The County’s investment policy permits the following investments, which are limited to credit quality ratings from 
nationally recognized rating agencies as described below: 
1.
U.S. Government Treasury Securities, U.S. Government Agency, and Federal Instruments. 
2.
Commercial paper of any United States company that is rated, at the time or purchase, “Prime‐1” by Moody’s 
and “A‐1” by Standard & Poor’s (prime commercial paper). 
3.
Corporate notes issued by corporations organized and operating within the United States or by depository 
institutions licensed by the United States that have a long‐term debt rating, at the time or purchase, at a 
minimum “A” by Moody’s and a minimum long‐term debt rating of “A” by Standard & Poor’s. 
4.
Bankers’ acceptances issued by a domestic bank or a federally chartered domestic office of a foreign bank, 
which are eligible for purchase by the Federal Reserve System, if at the time or purchase, the short‐term 
paper is rated, at a minimum “P‐1” by Moody’s Investors Services and  “A‐1” by Standard & Poor’s. 
5.
State and/or local government taxable and/or tax‐exempt debt, general obligation and/or revenue bonds, 
rated at least “Aa” by Moody’s and “AA” by Standard & Poor’s for long‐term debt, or rated at least “MIG‐2” 
by Moody’s and “SP‐2” by Standard & Poor’s for short‐term debt. 
6.
Registered Investment Companies (Money Market Mutual Funds) rated “AAAm” by Standard & Poor’s or the 
equivalent by another rating agency. 
7.
The Intergovernmental Investment Pool if rated “AAAm” by Standard & Poor’s or the equivalent by another 
rating agency. 
As of September 30, 2011, the County’s investments had the following credit quality: 
Portfolio Asset
Security Type
Credit Rating
Allocation
US Treasury Bills/Notes
AA+
20.47%
Federal Agency Bond / Note
AA+
43.58%
Corporate Notes
AA
7.41%
Commercial Paper
A‐1
3.36%
Municipal Bond / Note
AA
0.71%
Certificates of Deposit
N/A
14.10%
Federated Government Obligation Money Market Fund*
AAAm
0.29%
Florida Prime (SBA)**
AAAm
10.08%
Total
100.00%
*Federated Government Obligation Money Market Fund’s Fund Fact Sheet as of September 30, 2011 provided the Credit Rating from Standard 
& Poor’s. 
**Florida Prime (SBA)’s 09/30/2011 Monthly Summary Report available on the website, 
https://www.sbafla.com/prime/
, is the source of the 
Fund’s Credit Rating from Standard & Poor’s.