Standard&Poor's Ratings Services affirmed its 'AAA/A-1' and 'AAA' ratings on Deutsche Bank Securities Inc. Receipts (Series 1000)'s series DB-1351 short-puttable-exempt-adjustable receipts (SPEARs) and long-inverse-floating-exempt receipts (LIFERs), respectively, related to New York State Dormitory Authority's (New York State) series 2014C personal income tax revenue bonds (general purpose) (tax exempt) (term bonds). The affirmation reflects our opinion of the additonal deposit of bonds. The long-term component of the rating on the SPEARS and LIFERs reflects the rating on the underlying bonds. The short-term component of the rating on the SPEARS reflects the liquidity facility provided by Deutsche Bank AG, scheduled to expire on May 31, 2015. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating
