Summary: DB SPEARs/LIFERs Trust (Series DBE-8011A And DBE-8011B); Joint Criteria

Dec. 14, 2018 DBE-8011A California Health Facilities Financing Authority's (Dignity Health) series 2014B revenue bonds DBE-8011B California Health Facilities Financing Authority's (Dignity Health) series 2012A revenue bonds Deutsche Bank AG, New York branch Deutsche Bank AG, New York branch DB Municipal Holdings LLC U.S. Bank N.A. Deutsche Bank Securities Inc. S&P Global Ratings assigned the above-mentioned ratings to the floater, residual, and custody receipts (collectively the receipts), reflecting its opinion of the likelihood the trust, as custody receipt holder, will have sufficient assets to pay timely interest and full principal when due on the floater and residual receipts. Trust assets include all distributions of principal; interest; and premiums, if any, from the custody receipt and liquidity agreement, which is in

...On the closing date, the trust acquired the underlying securities and concurrently entered into a credit-enhancement agreement in the form of a letter of credit. Under the credit-enhanced structure, payments on the custodial receipts are made first from the underlying securities and, upon a shortfall in principal or interest, the credit enhancement. The credit enhancement is also available for preference drawings should payments from the underlying securities become recaptured due to an underlying bond issuer's bankruptcy....

Summary