SP Lowers Various Ratings On Deutsche Bank Securities Inc.#s DBE-482 SPEARS, LIFERS, And Custodial Receipts

Stocks and Financial Services Press Releases Friday October 18, 2013 09:15
NEW YORK--18 Oct--Standard & Poor's

NEW YORK (Standard & Poor's) Oct. 17, 2013--Standard & Poor's Ratings Services lowered its ratings on Deutsche Bank Securities Inc.'s series DBE-482 short puttable exempt receipts (SPEARs), long inverse floating exempt receipts (LIFERs), and custodial receipts related to Red River Educational Finance Corp. 's series 2007 higher education revenue bonds, issued for Texas Christian University, to 'A/A-1', 'A', and 'A' from 'AA-/A-1', 'AA-', and 'AA-', respectively.

This action follows Standard & Poor's Sept. 30, 2013, withdrawal of its rating on the underlying bond (CUSIP# 756872FK8) due to the issuer's request.

The rating's long-term component on the SPEARs and LIFERs reflects the rating on the custodial receipts, of which the rating reflects the credit enhancement provider, Deutsche Bank AG. The rating's short-term component on the SPEARs reflects the rating on the liquidity facility provider, Deutsche Bank AG.

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