Standard&Poor's Ratings Services affirmed its ratings on various Deutsche Bank Securities Inc. Receipts short puttable exempt adjustable receipts (SPEARs), long inverse floating exempt receipts (LIFERs), and custodial receipts trusts. Thise action follows our review of amendments made to the custody agreement applicable to all of these trusts and the related credit enhancement swap confirmations for each trust. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. There is no Standard&
