Standard&Poor's Ratings Services assigned its 'AA/A-1' and 'AA' ratings to Deutsche Bank Securities Inc. Receipts' series DB-1175X short puttable exempt adjustable receipts (SPEARs) and long inverse floating exempt receipts (LIFERs), respectively, relating to Los Angeles' series 2013A wastewater system 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 in the Rule, to include a description of
