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) series DB-1049X, respectively, relating to Michigan Finance Authority's (Trinity Health Credit Group) hospital revenue and refunding 5.00% series 2011 MI term bonds. The long-term component of the rating on the SPEARs and LIFERs is based on the rating on the underlying bonds (AA). The short-term component of the rating on the SPEARs is based on the liquidity facility provided by Deutsche Bank AG, scheduled to expire on Dec. 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
