Standard&Poor's Ratings Services assigned its 'AA-/A-1' and 'AA-' ratings to Deutsche Bank Securities Inc. Receipts' short puttable exempt adjustable receipts (SPEARS) and long inverse floating exempt receipts (LIFERS), respectively, series DB-1023X, DB -1024X, and DB-1031X, relating to Port Authority of New York&New Jersey's consolidated bonds series 169. The long-term component of the rating is based on the rating on the underlying bond (AA-). The short-term component of the rating is based on the liquidity facility provided by Deutsche Bank AG, scheduled to expire on Oct. 15, 2012. 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,
