Standard&Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Deutsche Bank Securities Inc. Receipts' series DBE-1187 short puttable exempt adjustable receipts (SPEARs) and DBE-1187A-C long inverse floating exempt receipts (LIFERs), respectively, relating to custodial receipts series DBE-1187A-C, relating to the underlying bonds of District of Columbia's series 2012 tax increment revenue refunding bonds. The long-term component of the rating on the SPEARs and LIFERs is based on the series DBE-1187A-C custodial receipt, whose rating is based jointly (assuming low correlation) on enhancement of the underlying bonds provided by Deutsche Bank AG 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.
