Summary: Deutsche Bank Securities Inc. Receipts Series DBE-617; Custodial Receipts; Residual Certificates; Tender Option Certificates/Bonds Jan 12
Standard & Poors, January 2012
Abstract
Standard & Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Deutsche Bank Securities Inc. Receipts' short puttable exempt adjustable receipts (SPEARs) and long inverse floating exempt receipts (LIFERs) series DBE-617, relating to San Francisco Airport Commission City and County, Calif.'s (San Francisco International Airport) second series revenue refunding bonds series 34E. The long-term component of the rating on the SPEARs and LIFERs are based on the rating on a custodial receipt. The rating on the custodial receipt is based jointly (assuming low correlation) on a swap agreement provided by Deutsche Bank AG and the rating on the underlying bonds. The short-term component of the rating on the SPEARs is based on a liquidity facility provided by Deutsche Bank...
Companies mentioned in this report are: San Francisco Intl Arpt,Deutsche Bank Securities Inc Rcpts
Action: New Rating
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
San Francisco Intl Arpt,Deutsche Bank Securities Inc Rcpts
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