Deutsche Bank Securities Inc. Receipts Series DBE-1223 Ratings Lowered To #AA+/A-1#, #AA+#, And #AA+#

Stocks and Financial Services Press Releases Tuesday July 22, 2014 15:46
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-1223 shortputtable exempt adjustable receipts (SPEARS), long inverse floating exemptreceipts (LIFERS), and custodial receipts, relating to Puerto Rico Sales TaxFinancing Corp.'s series 2009C sales tax revenue refunding 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 REPORTSEC 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 therepresentations, 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.

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