NEW YORK (Standard&Poor's) March 31, 2014--Standard&Poor's Ratings Services has lowered its ratings on Deutsche Bank Securities Inc.'s series DBE-1006 short puttable exempt adjustable receipts (SPEARS), long inverse floating exempt receipts (LIFERS), and custodial receipts, relating to District of Columbia's (Howard University) series 2011A revenue bonds, to 'AA+/A-1', 'AA+', and 'AA+', respectively, from 'AAA/A-1', 'AAA', and 'AAA', respectively. This action follows Standard&Poor's March 5, 2014, lowering of its rating on the underlying bonds by one notch to 'BBB+' from 'A-'. (See, "Howard University, D.C., Revenue Bonds Downgraded To 'BBB+' On Management Turnover And Operating Pressures", published March 5, 2014, on RatingsDirect.) The long-term component of the ratings on the SPEARs and LIFERs is based on
