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-1077, relating to San Antonio, Texas' electric and gas systems revenue refunding bonds 5.25% series 2012 due Feb. 1, 2025. The long-term component of the rating on the SPEARS and LIFERs is based on the rating on the underlying bonds. 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 June 15, 2013. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in
