Standard&Poor's Ratings Services assigned its 'A/A-1', 'A', and 'A' ratings to Deutsche Bank Securities Inc.'s series DBE-1228 short puttable exempt adjustable receipts (SPEARs), long inverse floating exempt receipts (LIFERs), and custodial receipts, respectively, relating to Public Finance Authority, Wis.'s Lindo Paseo student housing senior revenue bonds series 2013A bonds. The long-term component of the SPEARs and LIFERs rating is based on a custodial receipt whose rating is based on guarantee provided by Deutsche Bank AG. The short-term component of the SPEARs rating is based on a standby purchase agreement (SPA) provided by Deutsche Bank (A-1). SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule,
