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-461, relating to Palomar Pomerado Health District's general obligation bonds, Election of 2004, series 2007A (capital appreciation bonds). The long-term component of the rating on the SPEARs and LIFERs are based on the rating on the custodial receipt series DBE-645. 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 SPEAERs is based on a liquidity facility provided by Deutsche Bank AG. SEC
