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-456, relating to San Antonio, Texas' airport system passenger facility charge and subordinate-lien airport system revenue improvement bonds series 2007. The long-term component of the rating on the SPEARs and LIFERs are based on the rating on a custodial receipt. The rating on the custodial receipt is based jointly (assuming low correlation) on a swap agreement provided by Deutsche Bank AG and the rating on the underlying bonds. The short-term component of the rating on the SPEARs is based on a liquidity facility provided by Deutsche Bank AG. SEC
