Standard&Poor's Ratings Services assigned its 'AA/A-1' and 'AA' ratings to Deutsche Bank Securities Inc. Receipts' series DB-1167 short puttable exempt adjustable receipts (SPEARS) and long inverse floating exempt receipts (LIFERS), respectively, relating to North Carolina Medical Care Commission's (Duke University Health System) series 2012A health care facilities revenue bonds. 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 a liquidity facility provided by Deutsche Bank AG that is scheduled to expire on April 15, 2014. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined
