OVERVIEW We have reviewed the asset and cash flow information provided as of Dec. 31, 2011. We have affirmed our 'AAA/Stable' ratings on these public-sector covered bonds. DekaBank's public-sector covered bonds exhibit a typical German legislation-enabled covered bond structure. FRANKFURT (Standard&Poor's) April 2, 2012--Standard&Poor's Ratings Services today affirmed its 'AAA/Stable' credit ratings on DekaBank Deutsche Girozentrale's (DekaBank; A/Stable/A-1) public-sector covered bond program and related issuances of public-sector covered bonds (see list below). These affirmations follow our review of the asset and cash flow information as of Dec. 31, 2011. Applying our covered bond criteria, the specifics of DekaBank's program potentially allow for a six-notch elevation, according to step 3 of our criteria (see "Revised Methodology And
