Ratings Affirmed On Classes A1+ And A2 In Deutsche Pfandbriefbank's ESTATE UK-3 CMBS After Note Collateral Replaced Jul 10

Standard & Poors, July 2010

Abstract
OVERVIEW These rating actions follow the transaction parties' replacement of the underlying note collateral. We affirmed and removed from CreditWatch negative our ratings on the class A1+ and A2 notes. All other ratings remain on CreditWatch negative. Deutsche Pfandbriefbank's ESTATE UK-3 is a CMBS transaction, where the payments under the notes are synthetically linked to the performance of a pool of commercial mortgage loans in the U.K. LONDON (Standard & Poor's) July 9, 2010--Standard & Poor's Ratings Services today affirmed and removed from CreditWatch negative its 'AAA' credit ratings on the class A1+ and A2 credit-linked notes in Deutsche Pfandbriefbank's ESTATE UK-3 transaction. This follows the replacement of the collateral securing the notes (Pfandbriefe) by cash. All other ratings remain...

Companies mentioned in this report are:
- Deutsche Pfandbriefbank AG

Action: Affirmed
Action: On CreditWatch:Negative
Action: Removed From CreditWatch

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Deutsche Pfandbriefbank AG

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