Summary: Deutsche Bank Securities Inc. Receipts Series DBE-453; 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-453, respectively, relating to custodial receipts series DBE-453, relating to Metropolitan Pier & Exposition Authority, Ill.'s McCormick Place Expansion Project capital appreciation bonds series 2002A, due Dec. 15, 2039. The long-term component of the rating on the SPEARs and LIFERs is based on the rating on the custodial receipts series DBE-453. The rating on the custodial receipts is based jointly (assuming low correlation) on enhancement of the underlying bonds in the form of a swap agreement provided by Deutsche Bank AG (A+/A-1) and the underlying bonds. The short-term component...

Companies mentioned in this report are: Metropolitan Pier & Exposition Auth,Deutsche Bank Securities Inc Rcpts
Action: New Rating

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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.

Metropolitan Pier & Exposition Auth,Deutsche Bank Securities Inc Rcpts

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