Finance Assets, net (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Allowance for Losses on Finance Assets

The activity in the allowance for losses on finance assets for the three months ended March 31, 2015 and 2014 was as follows:



	For the Three Months Ended March 31,
	2015		2014
	(in millions)
Balance at beginning of the year	$	42	$	52
Decrease to allowance	—		(10		)
Balance at March 31	$	42	$	42

Schedule of Credit Quality of Investments in Finance Assets

The credit quality of PMCC’s investments in finance leases as assigned by Standard & Poor’s Ratings Services (“Standard & Poor’s”) and Moody’s Investors Service, Inc. (“Moody’s”) at March 31, 2015 and December 31, 2014 was as follows:



	March 31, 2015		December 31, 2014
	(in millions)
Credit Rating by Standard & Poor’s/Moody’s:
“AAA/Aaa” to “A-/A3”	$	260	$	417
“BBB+/Baa1” to “BBB-/Baa3”	750		833
“BB+/Ba1” and Lower	392		406
Total	$	1,402	$	1,656