Standard&Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Deutsche Bank Securities Inc.'s series DB-1261 short-puttable-exempt-adjustable receipts (SPEARs) and long-inverse-floating-exempt receipts (LIFERs), respectively, related to New York State Urban Development Corp.'s series 2013E state personal income tax revenue (general purpose) bonds. The long-term component of the ratings on the SPEARs and LIFERs reflects the rating on the underlying bonds. The short-term component of the rating on the SPEARs reflects a 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 representations, warranties and enforcement
