Deutsche Bank Securities Inc. Receipts (Series 1000) DB-1277 SPEARS And LIFERS Ratings Lowered To #AA-/A-1# And #AA-#

Stocks and Financial Services Press Releases Tuesday June 17, 2014 09:21

NEW YORK (Standard & Poor's) June 16, 2014--Standard & Poor's Ratings Serviceslowered its long-term ratings on Deutsche Bank Securities Inc. Receipts(Series 1000)'s series DB-1277 short-puttable-exempt-adjustable receipts(SPEARS) and long-inverse-floating-exempt receipts (LIFERS) related toWashington Health Care Facilities Authority's series 2012A revenue bonds (Providence Health & Services) (Term Bonds) one notch to 'AA-/A-1' and 'AA-',respectively, from 'AA/A-1' and 'AA'.

This action follows Standard & Poor's June 5, 2014, lowering of its rating onthe underlying bonds to 'AA-' from 'AA'. (For more information, please see thearticle, titled "Providence Health & Services, WA Rating Lowered To 'AA-';Outlook Stable," published June 5, 2014, on RatingsDirect.)

The long-term component of the ratings on the SPEARs and LIFERs reflects therating on the underlying bonds. The short-term component of the rating on theSPEARs reflects the rating on the liquidity facility provider, Deutsche BankAG.


SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit ratingrelating to an asset-backed security as defined in the Rule, to include adescription of the representations, warranties, and enforcement mechanismsavailable to investors and a description of how they differ from the

representations, warranties, and enforcement mechanisms in issuances ofsimilar securities.
There is no Standard & Poor's 17g-7 Disclosure Report included in this creditrating report because, in our view, there are no representations, warranties,and enforcement mechanisms available to investors.

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