Deutsche Bank Securities Inc. Receipts DBE-1152 Receipts Ratings Raised To #AA-/A-1#, #AA-#; Placed On CreditWatch Neg

Stocks and Financial Services Press Releases Friday March 6, 2015 09:18
NEW YORK--6 Mar--Standard & Poor's

NEW YORK (Standard & Poor's) March 5, 2015--Standard & Poor's Ratings Servicesraised its long-term ratings on Deutsche Bank Securities Inc. Receipts (Series1000)'s series DBE-1152 short-puttable-exempt-adjustable receipts (SPEARS) andcustodial receipts related to Incorporated Tobacco Settlement's (TSASC Inc.)series 2006-1 asset-backed bonds to 'AA-/A-1' and 'AA-', respectively, from

'A+/A-1' and 'A+'.
Simultaneously, Standard & Poor's placed the ratings on the SPEARs andcustodial receipts on CreditWatch negative.

These two unrelated actions follow Standard & Poor's Jan. 26, 2015, raising ofits rating on the underlying bonds to 'BB-' from 'B+' (please see the article,titled "Two Ratings Raised On TSASC Inc. Series 2006-1; Two Ratings Affirmed,"published Jan. 26, 2015, on RatingsDirect) and the CreditWatch negativeplacement of Deutsche Bank Ag, as guarantor, (please see the article, titled "S&P Takes Various Rating Actions on Certain U.K., German, Austrian, And SwissBanks Following Government Support Review," published Feb. 3, 2015, onRatingsDirect).

The long-term component of the rating on the SPEARs reflects the ratingassigned to the custodial receipts, which relies on low correlation jointsupport from the underlying bonds and a guarantee from Deutsche Bank AG. Theshort-term component of the rating on the SPEARs reflects the rating on the

liquidity facility provider, Deutsche Bank AG.

Standard & Poor's placed the ratings on the SPEARs and custodial receipts onCreditWatch with negative implications due to the potential effect on both thelong- and short-term components of the dual rating of the SPEARs and thelong-term rating of the custodial receipts.


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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