NEW YORK (Standard&Poor's) Dec. 22, 2008--Standard&Poor's Ratings Services today lowered its ratings on eight Deutsche Bank AG letter of credit (LOC)-backed bond issues (see list). These rating actions follow the Dec. 19, 2008, lowering of our long- and short-term counterparty credit ratings on Deutsche Bank AG to 'A+/A-1' from 'AA-/A-1+' (see "Deutsche Bank AG Ratings Lowered To 'A+/A-1' On Industry Review; Outlook Stable" on RatingsDirect, the real-time Web-based source for Standard&Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com). The ratings are based on the credit and liquidity support provided by Deutsche Bank AG in the form of LOCs, which provide for the full and timely payment of interest and principal according to the