what was the percent of the derivative receivables total exposure net of all collateral that was a+/a1 to a-/a3
management 2019s discussion and analysis 158 jpmorgan chase & co./2012 annual report the following table summarizes the ratings profile by derivative counterparty of the firm 2019s derivative receivables , including credit derivatives , net of other liquid securities collateral , for the dates indicated . ratings profile of derivative receivables .

| Rating equivalent | 2012 | 2011 |
| :--- | :--- | :--- |
| 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 | $20,040 | 33% | $25,100 | 35% |
| A+/A1 to A-/A3 | 12,169 | 20 | 22,942 | 32 |
| BBB+/Baa1 to BBB-/Baa3 | 18,197 | 29 | 9,595 | 14 |
| BB+/Ba1 to B-/B3 | 9,636 | 16 | 10,545 | 15 |
| CCC+/Caa1 and below | 1,283 | 2 | 2,488 | 4 |
| Total | $61,325 | 100% | $70,670 | 100% |

as noted above , the firm uses collateral agreements to mitigate counterparty credit risk . the percentage of the firm 2019s derivatives transactions subject to collateral agreements 2013 excluding foreign exchange spot trades , which are not typically covered by collateral agreements due to their short maturity 2013 was 88% ( 88 % ) as of december 31 , 2012 , unchanged compared with december 31 , 2011 . credit derivatives credit derivatives are financial instruments whose value is derived from the credit risk associated with the debt of a third party issuer ( the reference entity ) and which allow one party ( the protection purchaser ) to transfer that risk to another party ( the protection seller ) when the reference entity suffers a credit event . if no credit event has occurred , the protection seller makes no payments to the protection purchaser . for a more detailed description of credit derivatives , see credit derivatives in note 6 on pages 218 2013227 of this annual report . the firm uses credit derivatives for two primary purposes : first , in its capacity as a market-maker ; and second , as an end-user , to manage the firm 2019s own credit risk associated with various exposures . included in end-user activities are credit derivatives used to mitigate the credit risk associated with traditional lending activities ( loans and unfunded commitments ) and derivatives counterparty exposure in the firm 2019s wholesale businesses ( 201ccredit portfolio management 201d activities ) . information on credit portfolio management activities is provided in the table below . in addition , the firm uses credit derivatives as an end-user to manage other exposures , including credit risk arising from certain afs securities and from certain securities held in the firm 2019s market making businesses . these credit derivatives , as well as the synthetic credit portfolio , are not included in credit portfolio management activities ; for further information on these credit derivatives as well as credit derivatives used in the firm 2019s capacity as a market maker in credit derivatives , see credit derivatives in note 6 on pages 226 2013227 of this annual report. .

aaa_a1_aa3 = 12169
aaa_total = 61325
percent_aaa = aaa_a1_aa3 / aaa_total
answer = percent_aaa * 100