Deutsche Bank Securities Inc. Receipts Series DBE-285 Ratings Lowered To #AA+/A-1#, #AA+#, And #AA+#

Stocks and Financial Services Press Releases Tuesday July 22, 2014 15:51
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-285 shortputtable exempt adjustable receipts (SPEARS), long inverse floating exemptreceipts (LIFERS), and custodial receipts, relating to Puerto Rico Sales TaxFinancing 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

mai welcomes real estate developer CMC on November 19

Market for Alternative Investment (mai) will list Chaoprayamahanakorn pcl, a leading real estate developer onNovember 19, under the ticker symbol "CMC". The company has a market capitalization at its initial public offering (IPO) of THB 3.00 billion...

KTC - Chilito Mexican Grill - Farm Factory provide members special privileges for payments made using QR Pay in the KTC Mobile app.

Mrs. Pranaya Nithananon, Vice President - Credit Card Business, "KTC" or Krungthai Card Public Company Limited, provides KTC VISA and KTC MasterCard credit card members who make payments through KTC QR Pay in the "KTC Mobile" app worth Bt. 300 or more...

Photo Release: KBank opens new flagship branch and THE WISDOM Lounge at ICONSIAM

Mr. Wirawat Panthawangkul (3rd from left), KBank Senior Executive Vice President, and Ms. Chadatip Chutrakul (4th from left), Director of ICONSIAM Co., Ltd., and Chief Executive Officer of Siam Piwat Co., Ltd., participated in the opening ceremony of...

Photo Release: CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

Tengku Dato' Sri Zafrul Aziz, Group CEO of CIMB Group (right), and Brad Garlinghouse, Ripple CEO (left) commemorating the strategic collaboration between CIMB Group and Ripple to power instant payments across ASEAN at the Singapore FinTech festival 2018...

CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

CIMB is one of the first banks to leverage blockchain technology to tap into region's USD120 billion remittance business CIMB Group ("CIMB" or "the Group") and Ripple have entered into a strategic collaboration to enable instant cross border payments...

Related Topics