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Summary: Deutsche Bank Securities Inc. Receipts Series DB-1051; Residual Certificates; Tender Option Certificates/Bonds Jan 12 Product Image

Summary: Deutsche Bank Securities Inc. Receipts Series DB-1051; Residual Certificates; Tender Option Certificates/Bonds Jan 12

  • ID: 2046654
  • January 2012
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'AA-/A-1' and 'AA-' ratings to Deutsche Bank Securities Inc. Receipts' short puttable exempt adjustable receipts (SPEARs) and long inverse floating exempt receipts (LIFERs) series DB-1051, respectively, relating to Birmingham Waterworks Board, Ala.'s water revenue bonds series 2011 (5.00% term bonds due Jan. 1, 2036). The long-term component of the rating on the SPEARs and LIFERs is based on the rating on the underlying bonds (AA-). The short-term component of the rating on the SPEARs is based on the liquidity facility provided by Deutsche Bank AG, scheduled to expire on Jan. 15, 2013. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the...

Companies mentioned in this report are:
- Birmingham Wtrwks Brd
- Deutsche Bank Securities Inc Rcpts (Series 1000)

Action: New Rating

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- Birmingham Wtrwks Brd
- Deutsche Bank Securities Inc Rcpts (Series 1000)

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