Deutsche Bank Securities Inc. Receipts Series DB-631 SPEARs And LIFERs Long-Term Ratings Raised To #AAA/A-1# And #AAA#

Stocks and Financial Services Press Releases Thursday September 18, 2014 08:50
NEW YORK--18 Sep--Standard & Poor's

NEW YORK (Standard & Poor's) Sept. 17, 2014--Standard & Poor's RatingsServices raised its long-term ratings on Deutsche Bank Securities Inc. Receipts' short-puttable-exempt-adjustable receipts (SPEARs) andlong-inverse-floating-exempt receipts (LIFERS) series DB-631 related to San

Mateo County Community College District, Calif.'s (San Mateo County) series2005B general obligation bonds (Election of 2001) to 'AAA/A-1' and 'AAA',respectively, from 'AA+/A-1' and 'AA+'.

This action follows Standard & Poor's Aug. 26, 2014, raising of its rating onthe underlying bonds to 'AAA' from 'AA+'. (Please see the article, titled "Various San Mateo County Community College District, CA Debt Ratings Raised On'Basic-Aid' Status, New Reserve Policy," published Aug. 27, 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.

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 therepresentations, 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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