Standard&Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Deutsche Bank Securities Inc.'s series DB-1253 short puttable exempt adjustable receipts (SPEARs) and long inverse floating exempt receipts (LIFERs), respectively, relating to Leander Independent School District, Texas' series 2014C capital appreciation bonds. The long-term component of the ratings 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 Dec. 30, 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 the
