This transaction update follows our review of DekaBank Deutsche Girozentrale's (DekaBank) public-sector covered bond program. We have affirmed our 'AAA/Stable' credit ratings on these public-sector covered bonds. For our rating affirmation on DekaBank's public-sector covered bonds, we have reviewed the asset and cash flow information provided as of Dec. 31, 2011. Applying our covered bond criteria, the specifics of DekaBank's program potentially allow for a six-notch elevation, according to step 3 of our criteria (see "Revised Methodology And Assumptions For Assessing Asset-Liability Mismatch Risk In Covered Bonds," published Dec. 16, 2009). Reflecting our assessment of the target credit enhancement, in combination with the available credit enhancement, we believe that the cover pool can support the public-sector covered bonds commensurate with
