Standard&Poor's Ratings Services placed its ratings on Deutsche Bank Securities Inc. Receipts' series DBE-1122 short puttable exempt adjustable receipts (SPEARs) and long inverse floating exempt receipts (LIFERs), respectively, relating to custodial receipts series DBE-1122, relating to the underlying bonds of Illinois Finance Authority's (Centergra Health Systems) series 2012 revenue 5.00% term bonds, on CreditWatch with negative implications. The rating on the custodial receipt was also placed on CreditWatch with negative implications. The ratings are on CreditWatch with negative implications due to the long-term issuer credit rating on Deutsche Bank being placed on CreditWatch with negative implications. This action follows Standard&Poor's Ratings Services March 26, 2013, placement of its 'A+' long-term counterparty credit ratings on Germany-based Deutsche
