Standard&Poor's Ratings Services affirmed its 'AAA/A-1' and 'AAA' ratings on Deutsche Bank Securities. Inc. Receipts' short puttable exempt adjustable receipts (SPEARs) and long inverse floating exempt receipts (LIFERs), respectively, series DBE-1121, relating to custodial receipts series DBE-1121, relating to Michigan State Housing Development Authority's rental housing revenue term bonds series 2012D. The long-term component of the rating on the SPEARs and LIFERs is based on a custodial receipt whose rating is based jointly (assuming medium correlation) on enhancement of the underlying bonds provided by Deutsche Bank AG (A+/A-1) and the underlying bonds. 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
