Standard&Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Deutsche Bank Securities Inc. Receipts' short puttable exempt adjustable receipts (SPEARs) and long inverse floating exempt receipts (LIFERs), respectively, series DBE-1136X, relating to custodial receipts series DBE-1136X relating to Port of Oakland, Calif.'s senior-lien refunding revenue bonds series 2012P. The long-term component of the rating on the SPEARs and LIFERs is based on a custodial receipt whose rating is based jointly (assuming low correlation) between 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 provide for the payment of the tender price of
