Deutsche Bank Securities Inc. Receipts (Series 1000) DBE-247 Receipts Long-Term Ratings Raised To 'AAA/A-1' And 'AAA'

NEW YORK (Standard&Poor's) Nov. 3, 2014--Standard&Poor's Ratings Services raised its long-term ratings on Deutsche Bank Securities Inc. Receipts (Series 1000)'s series DBE-247 short-puttable-exempt-adjustable receipts (SPEARs), long-inverse-floating-exempt receipts (LIFERS), and custodial receipts related to Philadelphia's seventh series (1998 general ordinance) Pennsylvania Gas Works revenue bonds to 'AAA/A-1'; 'AAA'; and 'AAA', respectively, from 'AA+/A-1', 'AA+', and 'AA+'. This action follows Standard&Poor's Oct. 21, 2014, raising of its rating on the underlying bonds to 'A-' from 'BBB+'. (Please see the article, titled " Philadelphia's Revenue Bonds For Philadelphia Gas Works Upgraded To 'A-'," published Oct. 21, 2014, on RatingsDirect.) The long-term component of the ratings on the SPEARs and LIFERs reflects the rating on the custodial receipts,

... and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties, and enforcement mechanisms in issuances of similar securities. There is no Standard & Poor's 17g-7 Disclosure Report included in this credit rating report because, in our view, there are no representations, warranties, and enforcement mechanisms available to investors. RELATED CRITERIA AND RESEARCH Related Criteria USPF Criteria: Secondary Market Derivative Products, June 27, 2007 Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column....

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