Standard&Poor's Ratings Services assigned its 'AA/A-1' and 'AA' ratings to Deutsche Bank Securities Inc.'s series DB-1274 short puttable exempt adjustable receipts (SPEARs) and long inverse floating exempt receipts (LIFERs), respectively, relating to Seattle's series 2013 municipal light and power improvement and refunding revenue bonds. The long-term component of the ratings on the SPEARs and LIFERs is based on the 'AA' rated underlying asset. The short-term component of the rating on the SPEARs is based on a standby purchase agreement (SPA) provided by Deutsche Bank AG. The initial SPA shall provide for payment of the tender price of the variable certificates (SPEARs), which includes the stated amount of and interest on unremarketed variable certificates bearing interest at the daily
