Deutsche Bank Securities Inc. Receipts Series DBE-344 Ratings Lowered To #AA+/A-1#, #AA+#, And #AA+#

Stocks and Financial Services Press Releases Tuesday July 22, 2014 15:48
NEW YORK--22 Jul--Standard & Poor's

NEW YORK (Standard & Poor's) July 21, 2014--Standard & Poor's Ratings Serviceslowered its ratings on Deutsche Bank Securities Inc.'s series DBE-344 shortputtable exempt adjustable receipts (SPEARS), DBE-344B-G long inverse floatingexempt receipts (LIFERS), and DBE-344 custodial receipts, relating to PuertoRico Sales Tax Financing Corp.'s series 2007A sales tax revenue bonds, to

'AA+/A-1', 'AA+', and 'AA+', respectively, from 'AAA/A-1', 'AAA', and 'AAA',respectively.

This action follows Standard & Poor's July 11, 2014, lowering of its rating onthe underlying bonds five notches to 'BBB' from 'AA-'. (See, "Puerto Rico GORating Lowered One Notch To 'BB' Following Debt Legislation; Outlook Negative",published July 11, 2014, on RatingsDirect.)

The long-term component of the ratings on the SPEARs and LIFERs is based onthe rating on the custodial receipts, whose rating is based jointly (assuminglow correlation) on the rating on the underlying bonds and a guarantee fromDeutsche Bank AG. The short-term component of the rating on the SPEARs isbased on the rating on the liquidity facility provider, Deutsche Bank AG.

STANDARD & POOR's 17g-7 DISCLOSURE REPORT

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

Latest Press Release

PTG reveals business plan in Golden Pig Year Targeting revenue and volume growth by 20% Gearing up for expansion to 2,000 service stations and joining up with business partners to create new customer experiences

"PTG Energy" targets 2019 revenue and volume growth of 20%, aiming to increase EBITDA by 40%-50% and expand service stations to 2,000 with planned investment of 3.5 billion baht in order to maintain the second position in retailed oil market share. Mr....

Photo Release: EXIM Thailand Celebrates 25th Anniversary Inviting Public and Private Sectors to Donate to Chakri Naruebodindra Medical Institute

Mr. Adul Chotinisakorn (third right), Director of Export-Import Bank of Thailand (EXIM Thailand), together with the Bank's senior management welcomed executives from private and public agencies on the occasion of EXIM Thailand's 25th anniversary at EXIM...

Prudential Thailand launches PRUsuper a unique and flexible solution targeting customers who dont like insurance

Prudential Life Assurance (Thailand) Public Company Limited ("Prudential Thailand") has launched PRUsuper link, a unique and flexible investment-linked insurance product that was developed based on the true voice of customers through an online customer...

Bangkok Bank approved that the dividend payment be paid at the rate of Baht 6.50 per ordinary share

Bangkok Bank approved that the dividend payment for the operating results of the year 2018 be paid at the rate of Baht 6.50 per ordinary share and resolved to convene the 26th annual ordinary meeting of shareholders on April 12, 2019. Bangkok Bank...

PTT Reveals 2018 Performance, Creating Energy Security, Tackling Changes for Sustainable Future,

Strengthening infrastructure, developing new businesses, raising competitive edge, along with improving people's quality of life and conserving environment, PTT grants 82.220 billion Baht of its revenues to the government as its tax payment. Mr. Chansin...

Related Topics