Summary: Deutsche Bank Securities Inc. Receipts Series DBE-502; Joint Criteria; Residual Certificates; Tender Option Certificates/Bonds Dec 11
- Language: English
- Published: December 2011
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
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San Francisco Intl Arpt,Deutsche Bank Securities Inc Rcpts