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) series DBE-247, relating to custodial receipts series DBE-247, respectively, relating to Philadelphia, Pa.'s gas works revenue bonds seventh series (1998 general ordinance). The ratings are on CreditWatch with negative implications based on the long-term issuer credit rating on Deutsche Bank being on CreditWatch with negative implications. 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) on enhancement of the underlying bonds in the form of a swap agreement provided by Deutsche Bank AG (A+/A-1)
