NEW YORK (Standard&Poor's) Dec. 31, 2009--Standard&Poor's Ratings Services corrected and lowered its rating on Deutsche Bank Securities Inc. Receipts' long inverse floating exempt receipts (LIFERs) and short put exempt adjustable receipts (SPEARs) series DB-247 to 'BBB-' and 'BBB-/A-3' from 'BBB' and 'BBB/A-2', respectively. Both series are removed from CreditWatch with negative implications. The two ratings relate to Philadelphia's gas works revenue bonds (1998 general ordinance) series 7TH (the underlying bonds; 'BBB-/Stable'). The rating on the LIFERs and the long-term component of the rating on the SPEARs are based on the underlying bonds. The short-term component of the rating on the SPEARs is correlated to the long-term rating on the underlying bonds. This is due to the
