Standard&Poor's Ratings Services assigned its 'AAA/A-1', 'AAA', and 'AAA' ratings to Deutsche Bank Securities Inc. Receipts' series DBE-1243 Short Puttable Exempt Adjustable Receipts (SPEARs), Long Inverse Floating Exempt Receipts (LIFERs), and Custodial Receipts, respectively, relating to Philadelphia's series 2014A water and wastewater refunding bonds. The long-term component of the ratings on the SPEARs and LIFERs is based on the rating on the Custodial Receipts, whose rating is based jointly (assuming low correlation) on the ratings on the underlying bonds and a guarantee provided by Deutsche Bank AG. The short-term component of the rating on the SPEARs is based solely on the standby bond purchase agreement provided by Deutsche Bank AG. SEC Rule 17g-7 requires an NRSRO, for any
